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25% of Aussies are planning to use their tax refund on travel!

July 18, 2017 OTA News No Comments Email Email

Tax refund season is well underway and can reveal that 25% of Aussies are planning on using this year’s refund on travel, and are setting their sights on further abroad destinations than the Gold Coast.

With the average Australian tax refund coming in at $2,000 (Australian Taxation Office Annual Report 2014-2015), this gives globe-trotters an opportunity to explore the world with essentially ‘free money’.

Popular destinations for Aussie travellers who are willing to spend most of their tax refund on travel, are Asia (33%) and Europe (23%).

Skyscanner studied the destination preferences of those using tax refund money for travel and found that it varies across generations. Millennials (21-29 years old) prefer to holiday in Europe (28%), but Gen Y (30-39 years old) would choose a holiday in Asia (41%).

Spending your tax refund on travel is not only a fun option, it is a good investment in your mental health. Research shows that holidays (experiences) make us happier than spending money on ‘things’ (Fast Company 2015: The science of why you should spend your money on experiences, not things).

To help Aussies looking to travel with their tax refund, Skyscanner reveals some of the best value destinations and activities to consider in each destination:

Where to go with your tax refund?

  • Budget: Less than $1,000
    • Bali (average booking price $544)
      • Spend some extra cash on relaxing and rejuvenating the body and soul at one of the world’s best infinity pools in Bali.
    • Osaka (average booking price $843)
      • Treat your foodie side to some of the best Japanese food at Dotonbori Street. It will be a feast for both your tummy and your eyes.
  • Budget: $1,001 – $2,000
    • Seoul (average booking price $1,010)
      • Trek up Mt. Bukahn, Seoul’s highest mountain and reward yourself with a traditional Korean style spa at the end of the hike.
    • Paris (average booking price $1,461)
      • Head to the iconic Eiffel Tower to get an incredible 360° view of the city. The Notre Dame Cathedral also offers a stunning view from its towers, or try the top of Sacre Coeur.
  • Budget: $2,001 – $2,500
    • Croatia (average booking price $1,668)
      • Wander around the medieval streets of Dubrovnik and Split or sail the emerald blue waters surrounding the islands.
    • Las Vegas (average booking price $1,459)
      • Avoid the temptation to double your tax refund at one of the city’s world-class casinos and instead, indulge in all the free attractions along the Strip. Even better, hire a car and head to the Grand Canyon. 

Other highlights from Skyscanner Australia’s Tax Refund Survey

  • While 43% of respondents indicated that they’ll save their tax refund, 22% said they would like to spend it on travel
  • Almost a quarter (24.5%) of travellers are planning to use this year’s tax refund on travel, of which 9.7% plan to use all of it
  • 18% of those who were planning to use part of their tax refund to travel were aged between 21-29 (Millennials)
  • The highest concentration of people planning to use all of their tax refund on travel were between 40-59 (Gen x)
  • Females (17%) were more likely to spend part of their tax refunds on travel than males (12%)
  • The destination of preference for males was Asia (46%) while women were looking to explore different continents: Asia (24%), Europe (23%), Americas (21%)

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