What are Australians spending their tax returns on this year?

It’s tax time again and while most of us dread having to fill in our tax forms, it’s always a nice bonus if we get a tax return at the end.

According to a survey by Homeloans.com.au, more than 64% of Australians are expecting to receive a tax return this year.

So what will most people be spending their tax returns on?

While a lot of us will be dreaming about holidays and shopping sprees, it looks like the vast majority of Australians will be spending their money on more sensible things.

The survey showed that 33% of respondents plan to spend their tax return on repaying debt not including mortgage, which was the choice of an additional 21% of respondents. Another popular option by respondents was investing, which was chosen by 26% of respondents.

Going on a holiday was still a popular option however, with 18% choosing to spend their tax return on a getaway, and there is likely to be a lot of home renovators around this year too, with 13% of respondents choosing to spend their money on home improvements.

Other items that Australians might be spending their tax return on this year include HECS debt, bolstering maternity leave savings, childcare or school fees, weddings and honeymoons, council/land rates, and buying solar panels for the home.

If you want to see the full results of the survey, visit www.homeloans.com.au/customer-centre/enewsletter-july14/tax-refunds-for-debt-reduction.aspx.

What do you plan to spend your tax return on this year?