Splurge or Save? What do Aussie's spend their tax refunds on?

TL;DR

Government statistics reveal that 84% of individuals complete tax returns on time, with an average refund of $2,500. Majority use the refund to pay bills or reduce debt.

Transcript

g'day my name's Ashley and I'm a financial planner with a consortium private wealth today I'm gonna have a quick yarn about tax returns and I'm going to just go through some interesting figures that the government's MoneySmart website have released and they're sort of describe how people go about how they do that their tax returns and some key stat... Read More

Key Insights

• 🚕 84% of individuals complete tax returns on time.
• 🚕 The average tax refund is around $2,500 per individual.
• 😒 29% of people use their tax refund to pay bills.
• 👯 33% of people choose to do their tax returns themselves.
• ❓ Majority of individuals spend their refund on paying off debt.
• 🗺️ 5% of individuals spend their refund on travel or leisure activities.
• 🚕 16% of individuals do not receive a tax refund.

Questions & Answers

Q: What percentage of individuals complete their tax returns on time?

According to government statistics, 84% of individuals complete their tax returns on time, which is considered a good result.

Q: What is the average tax refund per individual?

The average tax refund is just over $2,500 per individual, as revealed by government statistics.

Q: How do most people spend their tax refund?

The majority of people spend their tax refund by paying bills or reducing debt, with 29% choosing to pay bills and 13% making credit card payments or putting money towards loans.

Q: How many individuals use their tax refund for travel or leisure purposes?

Only 5% of individuals spend their tax refund on taking a holiday or other leisure activities, as indicated by the MoneySmart website's questionnaire.

Summary & Key Takeaways

• 84% of individuals complete their tax returns on time, according to government statistics.

• The average tax refund is just over $2,500 per individual.

• 29% of people use their tax refund to pay bills, while 21% choose to save it.