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New data from Commonwealth Bank reveals that small business owners received an average tax refund of approximately $5,000 for the 2024 financial year, with some sectors and regions seeing even higher returns.
Based on transactions processed by the Australian Tax Office (ATO) and deposited into CommBank small business customer accounts, the highest average refunds were recorded in the ACT and Queensland ($5,700), followed by Victoria ($5,300), NSW ($4,900), and WA ($4,800).
Sectors with the largest refunds include mining contractors, electricians, plumbers, manufacturers, small agribusinesses and wholesale traders.
The first quarter of the financial year remains the busiest for tax refunds, with the number of processed refunds between July and September 2024 surging 75% above the average from the preceding three quarters.
For Reveling, a boutique travel business based on the Gold Coast, tax time is a balancing act. “It’s both stress and excitement,” said co-founder Drew Campbell.
“It’s a checkpoint for financial health, but it can be a crunch period – especially with ATO payments looming. Good systems and regular bookkeeping make all the difference.”
Commonwealth Bank’s executive general manager of small business banking, Rebecca Warren, acknowledged the financial strain many businesses face.
“Tax time can bring both relief and pressure,” she said. “While many anticipate a refund, it’s also a time when cash flow, ATO debt, and scams become key concerns – especially against the backdrop of economic uncertainty.”
With the majority of refunds arriving early in the financial year, CommBank is urging small businesses to prioritise financial clarity, maintain year-round records, and stay vigilant against scams.
Is your small business financially prepared for the new fiscal year? Share your thoughts below.
