Super earners

Saving money towards superannuation can be tough, especially when you're not earning much. That's why, for those earning less than $60,000, the federal government will contribute up to $1.50 for every dollar you pay over the compulsory nine per cent (up to $1500 a year). That means that if you made the extra payments of $1000 and then received the maximum of $1500, for three years from age 24, you could end up with an extra $90,000 by the time you retired at 65.* Visit www.ato.gov.au for more information.

Tax tactics

Moved interstate or from overseas for a job? You could be eligible for thousands of dollars under the Living Away From Home Allowance (LAFHA) scheme. Under the fringe benefit, you may receive food payments of at least $211 per week**, while your accommodation costs will be deducted from your income before you're taxed. Effectively, this means your rent is reduced by 30 or 40 per cent (depending on your tax bracket). Do your homework at www.ato.gov.au to check out whether you're eligible, and then approach your employer.

Property pointers

There are lots of clever ways to cut property costs. For example, if your deposit is at least 20 per cent of the property value, you don't have to pay lender's mortgage insurance (which is typically one to three per cent of the loan). Also, if you're buying an investment property, you can avoid paying capital gains tax (the tax paid on any increase in the property's value), by living in it for six to 12 months before renting it out. The best bonus is the First Home Owner Grant, which has been boosted to $21,000 until June 2009.

Styling: Diana Kotb; Chantal Bairle. Briefcase by Solo at The Luggage professionals; bow necklace (front right) by samantha wills; USB padlock by Swarovski; Jewellery by Diva. *Assuming an annual growth rate of 6.4 per cent. **This figure increases if you have dependents.