Tax refunds destined to be used to top up portfolios

Nearly one in two investors will look at the sharemarket as the destination for any tax refund they receive this year, research from investment platform Sharesies has revealed.

A survey of 1400 users found that 47% would deposit their tax refund into their savings,

46% would invest it and 30% would put it towards everyday expenses.

“Last year about two-thirds of Australians got a tax refund and the average was around $2800.

"This year it will be lower because of some offsets ending, so we’re probably looking at about $1500,” says Brendan

From July 2023, small businesses with annual turnover below Doggett, country manager of Sharesies Australia.

“That’s still a pretty sizeable amount, so it’s important for people, particularly now with inflation and the cost of living, to think about how they will use it.”

Doggett says that exchange traded funds tend to be the most popular buys on the platform, as do familiar brands.

“Our investors are really about long-term investing, so it’s usually the household names,” he says.

“You see that with Walt Disney, which has recently attracted some interest from people taking advantage of its

And something as simple as dialling down the thermostat on your office air-conditioner can mean you’re not chewing through power (and cash) while still giving your team a comfortable work environment.

ANTHONY O’BRIEN price being down a little bit. It’s also tangible to people, which they tend to like when the world is an uncertain place.

"We’ve seen that more of late as people moved away from tech companies and towards supermarkets, airlines and brands they’ve grown up with.”

TOM WATSON