Tax returns to boost Aussie savings
Australians are showing positive signs of financial responsibility, with 31 per cent planning to save the returned funds from their 2016-2017 financial year tax return, according to finder.com.au.
In addition to nearly one third of Australians who were planning to save their tax return funds, 23 per cent would use it to pay outstanding bills, whilst 12 per cent would set the extra funds aside for a holiday.
“Whether that’s using the funds for household bills or in the form of extra loan repayments, Aussies are being financially savvy with their tax refunds,” finder.com.au money expert, Bessie Hassan, said.
“Allocating your tax return towards your expenses is a good way to bring in the new financial year.”
Over three quarters (77 per cent) of Australians are expected to receive a tax return over the coming months.
AUTHOR
Hope William-Smith
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025 with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
