According to new research by H&R Block and Officeworks, nearly half of Australians report they find the tax preparation process stressful, with around a third saying they resent tax time, leaving preparations until the last minute.
This last minute approach could result in missed opportunities, which is particularly concerning given that almost a third of Australians are relying on their tax refund to achieve their financial goals.
Mark Chapman of H&R Block, said: “It is possible that millions of tax rebate dollars are missed out on every year because Australians are not making the time to ensure they are maximising their returns.”
“H&R Block encourages Australians to seek professional advice and allow themselves enough time so nothing is missed.”
The research found that tax time is most stressful for young 60 percent of Australians aged 18-24 and 53 percent of women. In contrast, only 43 percent of men find their preparations stressful.
When it comes to how Australians are spending their tax rebates, it appears that in an election year, most are voting to stay sensible. Shopping sprees and holidays are out, while putting the money into savings is in.
Nearly one in five are also using the money to pay off their credit card debt. Men are significantly more determined to save than women with 41 percent of men choosing to save their refund, compared to only 33 percent of women.
Disproving the stereotype that Gen Y are more reckless with their cash than older Australians, Gen X is actually the least likely to save tax refunds, only 25 percent vs 43 percent for both Gen Y and Baby Boomers.
In good news, almost four in five Aussie taxpayers received a tax refund on their last return.
Australia’s leading tax accountants H&R Block have partnered with Officeworks to help Australians take the stress out of and identify opportunities to maximise their tax refund this June.
Officeworks’ Happy Tax Place page provides tips and advice on how to maximise your tax opportunity, plus highlights the best tax deductable products to purchase ahead of June 30.