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Posted by Revive Financial on Jul 22, 2016 3:51:00 PM

If you are one of the 84% of Australians expecting a tax return this year, Revive Financial has the perfect way for you to maximise your tax return and reduce your debts all at once!

Your Tax Return

This year 84% of Australians are expected to receive a tax return with the average refund amount sitting at just over $2,100. You might already have an idea on how you are going to spend your return, in fact, you might have already received and spent it! In case you haven't put much thought into it yet, here is a rough idea of how most Aussies will use their return*:

  • 29% of people used their tax return to pay utility bills
  • 13% of people repaid loans or credit cards with their tax return
  • 9% or people put their tax return towards their home loan
  • 21% of people saved their tax return
  • 12% are using their return to go on a holiday, buy new appliances, maintain their cars and catch up on other financial chores.
  • 16% of people won't receive a tax return

It's good to see so many Australian's are making responsible financial decisions and using this cash bonus to reduce their debt. But you could stretch your dollar just a little bit further with a Debtstroyer Agreement.

What is a Debtstroyer Agreement?

A Debtstroyer Agreement is a private negotiation between you and your creditors to organise a settlement of your debt. This could be a reduced payment arrangement over a number of years or it could be a lump sum settlement of your debts. Our professional debt negotiators will act on your behalf to discuss you situation with your creditors and arrange a new agreement for you. Although it is negotiated privately, a Debtstroyer Agreement is still a legally binding contract.

How Can it Help Me Maximise My Tax Return?

Instead of using your return to take a decent chunk out of your debt, you might be able to use it as a negotiation tool to settle your debt for a lump sum cash payment. For example, you might owe $10,000 on two credit cards and you received a $6500 tax return. Instead of putting that money straight on your credit cards, we could negotiate with your creditors to reduce the amount of debt you owe down to $6500 and your tax return will become a lump sum payment to settle the debts once and for all.


Am I Eligible?

Before you get your hopes up, a Debtstroyer Agreement is not for everyone. It is a private negotiation with your creditors and each personal situation is taken into account. A Debtstroyer Agreement is perfect for someone who has fallen behind in their debts due to unforeseen circumstances, such as a relationship breakdown, a loss of employment or medical issues.

The more money you have to offer, the better your chances of successfully negotiating a reduced debt settlement so you might want to consider adding your tax return to your savings and offering it your creditors. As a rough idea, depending on your circumstances, we have been successful reducing debt amounts by 40-50%.

Top tips to maximise your tax return

  • Consider where the funds could provide the greatest impact: reduce the mortgage. Boring, yes, but think of the years you will save and the tens of thousands in interest (that’s a lot of plasma TVs in the long run).
  • Eliminate expensive credit card debt. Again, not very exciting, but neither is 29 per cent interest.
  • Invest funds for the future. Kids’ education is expensive; get a head start, get a bigger deposit on your first house, set up an account where you park your tax refund every year and let it just sit and compound.
  • Be responsible: get a professional to do your return.
  • Remember. tens of thousands of returns are rejected every year (delayinq your elusive return) and just as many are audited.
  • Be prepared, you may have a tax hill coming if your employment is changing.
  • Be honest, government agencies may share your data.

How to Proceed

If you would like to discuss a possible debt settlement with Debtstroyer, give us a call. We can assess your situation and determine your eligibility. Even if a Debtstroyer Agreement doesn't suit you, we offer a range of solutions to help you get out of debt. Call us on 1800 534 534 or fill out our enquiry form and we'll call you!

*All figures sourced from the Money Smart Website.

For more information on Informal Agreements, check out or Informal Agreement page here. 

Topics: Budgeting, Informal Agreement, Personal Debt

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