H&R Block, Australia’s leading tax preparation experts, has partnered with Beforepay to offer a new service called Tax Refund Advance.
This innovative program is designed to help not just individuals, but also eligible SMEs access a portion of their tax refund earlier, easing the burden of rising costs.
This innovative collaboration introduces the Tax Refund Advance service, designed to help eligible customers access a portion of their tax refund earlier and ease the burden of the ongoing cost-of-living crisis.
How Tax Refund Advance Works:
- Access Up to $1,000 Early: Tax Refund Advance allows you to access up to 50% (maximum $1,000) of your estimated refund for your current income year tax return, covering the tax year from July 1 to June 30. This service is available for FY2022-23 returns and will be available for FY2023-24 tax returns starting July 1, 2024.
- Apply with Your Tax Consultant: After your tax return is complete, your consultant will confirm your eligibility for Tax Refund Advance during your appointment. If eligible, you’ll receive an SMS from Beforepay, inviting you to set up an account to unlock your Tax Refund Advance.
- Access Funds via Beforepay: Tax Refund Advance is provided in partnership with Beforepay. Only H&R Block registered clients can access this service through the Beforepay app. Download the app via the provided link. After setting up your account and completing Beforepay’s verification process, follow the prompts to connect your bank. In most cases, your funds will be available in your bank account on the same day*.
- Enjoy Easy Repayments: Repay with your tax refund when it’s received from the ATO, or make repayments on your own schedule.
“Partnering with Beforepay enables us to make refunds available to our clients in as little as 10 minutes, through a streamlined approval and payment platform,” Brodie Dixon, Managing Director at H&R Block Australia
“H&R Block is ensuring clients get more (that is, the highest possible refund) in the fastest possible way. According to last month’s Cost Of Living Index by Beforepay, the daily average spend for Australian households has fallen 4.09% MoM from $63.28 in April 2024 to $60.69 in May 2024.
“This, however, is still a significant 9.37% increase YoY. The highest decrease in spending for May 2024 was seen across entertainment and leisure with a 7.97% reduction in daily average spending, dropping from $4.64 to $4.27. This was very closely followed by a 5.63% decrease in fitness and health, and 5.17% decrease in household groceries. Categories which we know contribute to an individual’s overall physical and mental wellness, and quality of life. The Tax Refund Advance is expected to help households manage these cost-of-living pressures.”
“Australians have seen rapidly changing economic conditions over the last two years, highlighting the need for support with effective financial management. We’re excited to be partnering with H&R Block for the Tax Refund Advance offering, combining H&R Block’s tax expertise with our innovative financial technology to help working Australians get the most out of their finances. This collaboration aims to support households across the country with a product that offers safe and affordable access to finances in a matter of minutes, not weeks.” Jamie Twiss, Chief Executive Officer at Beforepay Group.
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