More than 10 million Aussies expecting $1500+ tax refund from July 1, new research from comparison site Finder reveals

Sky News AU

2 days ago

More than 10 million Aussies are expecting a $1519 cash injection in some much-needed financial relief as many continue to struggle with tight budgets.
About 47 per cent of taxpayers expect a tax refund after July 1, according to a survey from comparison site Finder.
The average taxpayer anticipates a $1519 refund, which will deliver a total of $15.3 billion back into the pockets of everyday shoppers across the nation.
Almost one in four respondents to Finder's survey said a tax refund was very important to their financial health while 41 per cent said the cash was somewhat important.
Finder's head of consumer research Graham Cooke said the cash injection will be critical for Aussies with little savings.
'Many households living month-to-month will be particularly keen to access these funds,' Mr Cooke said.
'For those struggling with the rising cost of living, a cash boost will offer some necessary financial reprieve.'
Finder's survey also noted that women were particularly feeling the strain with almost two in five admitting the refund was critical or very important for their financial wellbeing compared to 24 per cent of men.
Mr Cooke encouraged Aussies to use their refunds wisely by paying down debt, adding to savings or making voluntary contributions to their superannuation accounts.
'If you don't have 3-6 months of essential expenses saved, using your refund to build or top up this fund can provide a significant sense of security for the year to come,' he said.
About one in five Aussies are expecting a tax bill instead of a refund this financial year, while 35 per cent of respondents said they did not pay any income tax.
Another Finder survey conducted in the lead up to the end of the 2024 financial year revealed more than nine million Aussies would see $1288 going back into their pocket, with a total of $12 billion going to taxpayers.
Of those getting a refund, one in 10 said the cash was critical for their financial wellbeing while one in four of those surveyed said the refund was very important.
Another 43 per cent said the money was important, making the money a priority for more than three-quarters of those receiving a tax return.
Since the first quarter of 2020, inflation has risen more than 20 per cent.
The consumer price index peaked in 2022 when prices rose 7.8 per in the 12 months to the December quarter.