RACQ Bank has released research showing people are opting to put their tax returns into savings or pay off debt amid a backdrop of climbing interest rates and mounting cost of living pressures.
Data shows 57 per cent of those surveyed said they were planning to save their tax returns, up from 42 per cent last year, while one in three were eager to lodge their return in the first month.
The research further revealed that 24 per cent of people surveyed said they would use their returns to pay off debt.
RACQ spokeswoman Danica Allan urged people to consider their personal circumstances at tax time and whether extra cash could be used to bring bills under control.
"Concern about rising interest rates and increasing cost of living pressures may prompt Queenslanders to save instead of splurge this year," Ms Allan said.
Research also shows 55 per cent of those surveyed indicated they would be preparing their own tax return, rather than having it completed through an agency.
Ms Allan said it was important for people to take their time and do their research before hitting the submit button.
"Check all your pre-filled data is correct and there's no income missing that you need to add in," she said.
"Know what you can and can't claim for because you don't want to pay back money to the Australian Taxation Office because you've claimed for something you weren't entitled to.
"As a general rule, a work-related expense is something you've spent money on yourself and have not been reimbursed for.
"It must be directly related to earning income and make sure you keep receipts for your deductions."
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