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How Australians spend their tax refund

By Louise Chan · October 28 2019
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How Australians spend their tax refund

How Australians spend their tax refund

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By Louise Chan · October 28 2019
Reading:
egg
How Australians spend their tax refund

INFOGRAPHIC: According to the Australian Taxation Office (ATO), 82 per cent of Aussie taxpayers lodged their tax returns on time for the financial year 2017-18. This number may even increase as the Tax Office continues to make the process more convenient for both business owners and sole traders alike.

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The ATO revealed that, while 16 per cent of those who filed their taxes did not receive a refund, those who did received an average tax refund of $2,112.

Taxpayers who received a refund spent the money in different ways.

Fifty-one per cent of those who received their tax refund opted to reduce their financial burden by paying off debts. Among them, 29 per cent used the refund to pay off their bills and 13 per cent paid off their small loans or credit card debt.

About 9 per cent made additional mortgage repayments.

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On the other hand, 12 per cent decided to spend their refund on themselves or their loved ones.

Five per cent used the money to go on a holiday and another 5 per cent spent for things like parties, clothing, engagement rings and registration.

The remaining 2 per cent decided to improve their homes by purchasing home appliances.

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About the author

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.

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About the author

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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