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How Australians spend their tax refund

Posted on 4 June 2019
How Australians spend their tax refund

ASIC
(MoneySmart)

How Australians spend their tax refunds

  • 84% Taxpayers lodge returns on time
  • $2,574 Average tax refund
  • 33% People do their own tax

What MoneySmart users say they did with their tax refund

  • 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)
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