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)