Australians holding out for tax returns to ease cost-of-living pressure

Australians holding out for tax returns to ease cost-of-living pressure
  • PublishedJune 23, 2024

Nearly one million Australians are desperate for a cash injection at the end of the financial year to ease cost-of-living pressures, a recent survey has revealed.

Comparison website, Finder, surveyed 1012 people, and found tax refunds are “critical” to the financial wellbeing of one in 10 respondents.

Most of those who said a tax refund was essential were women — 42 per cent, compared to 28 per cent of men.

The average Australian is expecting a $1288 refund.

Finder found women were expecting less money back — $1,237 on average, compared to $1344 for men.

Finder personal finance expert, Sarah Megginson urged people to use any return they receive to improve their financial situation.

“Whether it’s paying down debt, parking it in a high-interest savings account, or investing it in your super — take advantage of the extra cash,” she said.

“Don’t forget, stage 3 tax refunds are also being introduced on July 1, which will mean all taxpayers will have more bread in their basket at the end of each month.”

Megginson said people can maximise their return by claiming deductions on travel expense, home office expenses, clothing and laundry bills.

The Australian Tax Office (ATO) recommends people keep records of their transactions in case their tax return is reviewed and supporting evidence required.

SOURCE: 9NEWS

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