Tax time: H&R Block offering $1000 upfront payment on returns as consumer advocates raise concerns

Taxpayers can get an upfront payment of up to $1000 as soon as they lodge their return with accounting firm H&R Block. However, consumer advocates have sounded the alarm over the initiative, saying it could unexpectedly force people into debt. H&R Block says it’s willing to give clients a partial “advance on their refund” without having to wait for the Australian Taxation Office to process the return.

Rose Bruce-Smith from the Consumer Action Law Centre believes the initiative may lead to people getting “into more debt against money that they think might be coming in”, especially if “you’re one of the unlucky ones” who “end up not getting what you expect to get”. “It’s encouraging people to borrow money against what they may be entitled to in the future,” she told 7NEWS.

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Source: 7NewsSydney - 🏆 16. / 63 Read more »