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
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
