How Australians spend their tax refund

ASIC
(MoneySmart)

How Australians spend their tax refunds

  • 84% – Taxpayers lodge returns on time1
  • $2,574 – Average tax refund2
  • 33% – People do their own tax1

What MoneySmart users say they did with their tax refund3

  • 29% – Paid bills
  • 21% – Saved it
  • 16% – Didn’t get a refund
  • 13% – Loans or credit card payments
  • 9% – Home loan payments
  • 5% – Holiday
  • 5% – Other things (including engagement ring, education, car rego/tyres, party)
  • 2% – Household appliances

Make the most of your tax refund: Work out where you can make a difference

Reduce debt stress

  • Credit cards
  • Personal loans
  • Mortgage
  • Outstanding bills or fines

Stash it away

  • Emergencies or unexpected costs
  • Super
  • Home deposit

Reward yourself

  • Take a break
  • Home improvements
  • Pamper yourself just a little

Check out our top tips for tax refunds.

 

Get financial advice

For large amounts of money, such as an inheritance or a redundancy payment, you might consider getting professional financial advice. An adviser can help you develop a plan to make the most of your money.

 

Sources

  1. Australian Taxation Office Annual Report 2016-17
  2. data.gov.au, Taxation Statistics 2015-16
  3. MoneySmart poll, August 2015 (n-2124)

 

 

 

0

Like This

Categories: Tax