Third Annual Taxing Time Survey

financial indicator series

22 June 2011

The third annual Bankwest “Taxing Time” Survey indicates that the average tax refund across the country is expected to be $2,317 this financial year which is down 6% from last year ($2,473).

81% of tax payers expect to receive a refund whilst 6% expect to pay tax and 13% anticipate breaking even. Of those expecting a tax refund 91% expect to receive $5,000 or less, 49% expect to receive $1,000 or less and 30% expect $500 or less.

Almost half (42%) of tax payers plan to pay down their debt with this year’s tax return whereas almost a third of tax payers (31%) have said they will save their refund this year.

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