Tax returns to boost Aussie savings

image
image
expand image

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.

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Squeaky'21

My view is that after 2026 there will be quite a bit less than 10,000 'advisers' (investment advisers) and less than 100...

1 week ago
Jason Warlond

Dugald makes a great point that not everyone's definition of green is the same and gives a good example. Funds have bee...

1 week ago
Jasmin Jakupovic

How did they get the AFSL in the first place? Given the green light by ASIC. This is terrible example of ASIC's incompet...

1 week 1 day ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

9 months 1 week ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

9 months 2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND