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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