No Tax Rebates For Forgetful Australians
August 6, 2012 Taxation in Australia
SYDNEY – Australians are missing out on billions in tax rebates by not keeping track of their sales receipts and loosing documents needed to support their tax returns.
On August 7th the Commonwealth Bank of Australia released the result of a new study, showing that Australian taxpayers are missing out on nearly AUD 7.3 billion in tax rebates per year, as they have lost important receipts and, as a result, are no longer able to support their applications for tax rebates.
According to the Commonwealth Bank, nearly half of all Australians misplace receipts for their purchases, equating to nearly AUD 1000 of tax rebates missed by each Australian per year.
The lost receipts also add to the overall costs of completing personal tax returns, as Australians spend on average 2.2 hours per year looking for lost receipts and supporting documents.
Approximately 25 percent of all the receipts that were lost throughout the year were for small items like stationery and office equipment, or for ongoing costs such as fuel, parking vehicle expenses, travel costs and internet usage.
The result of the survey also showed that Australian males were far more likely to miss out on tax rebates than females, with men reportedly losing AUD 5.5 billion of rebates, compared to women who only missed AUD 1.8 billion.
Photo by Lee Bennett