iscoverThe highest average tax refunds received by small businesses cashed in at over $5,000 for 2024, new research from Commonwealth Bank has revealed.
Tax refunds top $5k for SMEs amid scam surge: CommBank
04 August 2025
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8 minute read
New data from the Commonwealth Bank has shown that, on average, small business owners received a tax return of around $5,000 for the 2024 financial year.
The bank noted that, based on funds deposited into small business customer accounts by the ATO, the highest average tax refunds were in the ACT and Queensland, at $5,700, followed by Victoria at $5,300, NSW at $4,900, and WA at $4,800.
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The data also revealed that electricians and plumbing businesses were top of the list for average tax returns in both NSW and TAS, mining contractors in WA, education and communication services in VIC and small agriculture businesses topped the average tax return in Queensland.
Despite these results for small businesses and as tax time is now, Rebecca Warren, CommBank executive general manager for small business banking, said it was important for SMEs to refresh on tax time know-how and the latest scam trends.
“We know tax time can be both a relief and a stress point for small business owners. While many are looking forward to a refund, it’s also a time when cash flow pressures, ATO debt and scam risks can weigh heavily, not to mention the everyday stresses of running a business while navigating economic uncertainty,” she said.
“Small business owners are juggling even more responsibilities this quarter, which means this is a good time for scammers to target people who simply don’t have time to stop, check and reject payment requests that may seem out of place.”
CommBank noted that as small businesses prepared for lodging their returns, they should ensure to take a “proactive approach” by separating business and personal finances, digitising receipts and records, reviewing all eligible deductions, and effectively planning for the year ahead.
Warren noted that with tax time came a spike in scam activity with criminals often impersonating government agencies such as the Tax Office or myGov through emails, text messages and phone calls to steal personal information and/or money.
Small business owners must be cautious of unsolicited messages or calls requesting personal or financial information, avoid clicking on suspicious links or downloading attachments and verify any communication directly with ATO, Warren warned.
“Scammers take advantage of the busy tax season to target small businesses when they’re most distracted. We urge all small business owners to stay alert and stop, check and reject any payment request that doesn’t look quite right.”
Warren said it was important for members of the community to know that small businesses consistently faced other ongoing challenges, from economic uncertainty to ATO debt and cash flow constraints at this time of year, which always needed to be taken into account.
“Small businesses are the backbone of our economy, and they need more support than ever,” she said.
“We’re committed to helping them navigate tax time and beyond, not just with banking solutions, but with tools, insights and personalised support.”
The Tax Office reiterated these points recommended by Warren and added that it encouraged taxpayers to take advantage of the range of support services available to the community during tax time.
Rob Thomson, assistant commissioner of the ATO, said the community should reach out for help and assistance in managing their tax affairs if needed.
“The ATO’s priority is assisting taxpayers to get their lodgements right the first time, and we have programs and services available to assist you.”
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