A survey just out shows a majority of Australians are expecting good news when they get their 2010 tax and credit card returns. But there’s no indication the money will go in a gigantic spending splurge. The Officeworks Tax Time survey says 54 percent of the 1000 people who answered online are happy about their 2010 tax return and are looking to get some of their pay packet back, while 37 percent think they’ll be getting back more tax than usual.

Almost Half Will Repay Debt

However, Australians are still very cautious with their finances following the global financial crisis. Almost half of the survey respondents say they’ll be paying off debt rather than splashing out on luxury items.

One sector of the retail industry that may be very happy from July onwards is the technology sector, with 16 percent of those surveyed saying they‚’e eyeing up a new high-tech gadget, which the experts say should be regarded as a useful tool, rather than a big ticket luxury item.

10% Want a Good Time

Only one-tenth of the survey respondents say they’ll be spending any tax and credit card windfall on trips to sunny beaches and warmer weather. The survey also revealed there is still a lot of confusion among Australians about their tax affairs, with a quarter of them very stressed about getting all the paperwork right and filed on time.

Doh! Getting the Date Right

Almost 40% of people who answered the survey still don’t know the right date they have to file a tax return. Twenty one percent thought the due date was June 30 – four months ahead of the correct date which is October 31.

Tax and credit card professionals have reason to rub their hands together, according to the survey data. Only a quarter of the survey respondents used an accountant to prepare their returns, as they started out in the workforce. That number more than doubled to 51% as their years in the workforce increased and tax affairs grew more complicated.

Summarising The Survey

In summary, the survey shows:

  • nearly 50% of taxpayers still get stressed around tax time with confusion about when tax returns must be filed
  • the majority will use any tax return windfall to pay down debt, rather than splash out on luxury items
  • high-tech gadgets remain a favourite among those who will spend some tax money
  • only a tenth will head off for a warm weather holiday.

Be money smart, start your tax year on the right foot.