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Bibs & bobs — 23 June 2019

By Mums At The Table 1 min read

Tax tip for couples | The unexpected benefit of teaching generosity | How to earn free money from the Australian government

Tax tip for couples

Review your investments to check under whose names they should be in. To get maximum refunds the spouse with the lowest income should hold the investments unless you have borrowed money for these investments.—Helen Baker

How to earn free money from the Australian government

If one spouse earns less than $37,000, the higher-income earner can contribute up to $3000 to their spouse's account and claim a tax offset (refund) up to a maximum of $540. You can contribute less and get proportional bonus.—Daniel Bell

The unexpected benefit of teaching generosity

Teaching children how to appropriately give money away can help them develop valuable financial skills such as budgeting, and it may also contribute to their wellbeing later in life. Lessons in giving may also help set the stage for a happier, healthier future. "People who are generous tend to be happier and have healthier relationships, so this is shaping not only kids' finances but aspects of their health and well-being," University of Arizona researcher Ashley LeBaron said.—Science Daily