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
While returns and fees are the top priority for older Australians when it comes to their superannuation, more than one in 10 are calling for access to tailored financial advice.
Determinations by the FSCP since the start of 2025 are almost double the number in the same period of 2024, with non-concessional contribution cap errors and incorrect advice among the issues.
Whether received via human or digital means, financial advice is reportedly leading to lower stress and more confidence, according to Vanguard.
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
