
ASIC
(MoneySmart)
How Australians spend their tax refunds
- 84% ā Taxpayers lodge returns on time1
- $2,574 ā Average tax refund2
- 33% ā People do their own tax1
What MoneySmart users say they did with their tax refund3
- 29% ā Paid bills
- 21% ā Saved it
- 16% ā Didnāt get a refund
- 13% ā Loans or credit card payments
- 9% ā Home loan payments
- 5% ā Holiday
- 5% ā Other things (including engagement ring, education, car rego/tyres, party)
- 2% ā 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 ourĀ 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
- Australian Taxation Office Annual Report 2016-17
- data.gov.au, Taxation Statistics 2015-16
- MoneySmart poll, August 2015 (n-2124)