With the rigours of EOFY (end-of-financial-year) behind us, millions of Aussies can look forward to receiving - and spending - their tax refunds. But where does all of the money go?
According to H&R Block research, the average refund in Australia is around $3,600, and about 11% of that goes towards holidays.
“According to H&R Block research carried out in 2016, over half of all Australians use their tax refund to either reduce debt or building up savings, whilst a further 29% used it to fund everyday living expenditure, that still leaves 11% who chose to spend some or all of their refund on the holiday of a lifetime”, H&R Block Director of Tax Communications Mark Chapman says.
Considering the average size of a rebate, H&R Block suggests a number of ways in which Aussies can spend their refunds, including on “weekend getaways, flights overseas, or a cruise, such as a 12 Night New Zealand Voyage with Royal Caribbean Cruises from just $2,079”.
If recently announced tax cuts for Australians also go towards travel, if could spell a good year for agents and the industry in general.
Where does your tax refund money go?