Bankwest tax return report
22 June 2009
The latest survey in our Social Indicator Series, the Bankwest "Tax Return" survey was conducted in May 2009 and surveyed 981 Australians. The survey was conducted online by Brand Management.
The new research by Bankwest shows the average Australian tax refund will be worth $2,351 this financial year, with nearly half of taxpayers using their refund to pay off debts rather than spending it as the economic downturn enters its 18th month.
While millions of Australians will use this year's refund to try and get their finances back in the black, the latest report in the Bankwest Social Indicator Series also shows that one in six taxpayers (15%) aren't expecting a refund from the tax man in the 2008-09 tax year.
But not everyone is planning to pay off debts, with 27% of taxpayers doing the next best thing and banking this year's return, while one in five (18%) will spend it on a range of items including white goods, electrical devices and holidays.
The survey showed that:
- Nearly half (41%) of Australian taxpayers expect to receive a tax refund of less than $1,000.
- 4% expect a refund of more than $10,000.
- 49% of Australians will use their tax refund to pay off debt.
- One in four (26%) Australians rely on their tax return.
- Three quarters (74%) don't rely on their tax return.
- More than half of Australians (52%) usually pay an accountant to prepare their tax return.
- 38% prepare their tax return themselves.
- 8% ask family of friends to prepare their tax return.
Download a copy of the full report and a breakdown on each state below: