INFOGRAPHIC: According to the ATO, 82 per cent of Aussie taxpayers lodged their tax returns on time for the financial year 2017-18. This number may even increase as the Tax Office continues to make the process more convenient for both business owners and sole traders alike.
The ATO revealed that, while 16 per cent of those who filed their taxes did not receive a refund, those who did received an average tax refund of $2,112.
Taxpayers who received a refund spent the money in different ways.
Fifty-one per cent of those who received their tax refund opted to reduce their financial burden by paying off debts. Among them, 29 per cent used the refund to pay off their bills and 13 per cent paid off their small loans or credit card debt.
About 9 per cent made additional mortgage repayments.
On the other hand, 12 per cent decided to spend their refund on themselves or their loved ones.
Five per cent used the money to go on a holiday and another 5 per cent spent for things like parties, clothing, engagement rings and registration.
The remaining 2 per cent decided to improve their homes by purchasing home appliances.
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