Aussies missing out on more than $890M in unclaimed taxes
New research commissioned by Officeworks has revealed one in four employed Australians are not completing a tax return, resulting in $890,397,000 worth of unclaimed taxes each year. While more than three-quarters of taxpayers can expect to receive their annual refund, the 2,413,000 Australians that do not make a claim, are missing out on significant funds each year.
For many, navigating the process of submitting individual tax returns can be quite daunting, with the national study revealing that 18-24 year olds are the most stressed when it comes to tax time and lodging their claims.
A longing for better organisation and lack of guidance were also clear barriers to Australians putting off on lodging their tax refund, with 53 per cent of consumers feeling as though they require additional help or guidance to ensure they are maximising their tax benefits.
Sandy Young, Officeworks’ Head of Technology, said, “It’s surprising to see how many customers are unsure about what they can claim in their tax return. EOFY year can be overwhelming and stressful for some, with our research suggesting many avoid making a claim entirely.
“Getting your receipts and other documents organised during the year or once you get your group certificate might seem like a big task, but if you’ve bought products for your home office or for use at work then there’s every chance you could claim some or all of them back,” he continued.
The study found that 62 per cent of Australians are currently working or running their business from home, however surprisingly only 28 per cent are claiming tax back on home office supplies, 25 per cent on technology and 10 per cent on office furniture annually. While many people consider tax refunds as a great bonus that can contribute to loan repayments, home deposits or even holidays, 59 per cent of people surveyed stated they are in some sort of personal debt but still choose not to make a claim on their tax return.
Original article was on INSIDE SMALL BUSINESS