The ATO’s latest update on tax return processing confirms that it’s continuing to meet its target of processing 94 per cent of electronically-submitted returns within 14 days. As of September 21, it had received 6.49 million 2010-2011 returns, finalised 5.886 million, and issued 5.149 million returns with a total value of $12.29 billion dollars. That works out to an average return of $2387.
That average return size suggests we’re unlikely to ever see massive simplification of the tax system even for standard salary earners, since we’re all addicted to the idea of getting a refund. Several commenters on earlier tax posts have noted that they don’t mind overpaying tax since it forces them to save. That might be effective in terms of stopping you withdrawing money, but there might be better ways of spending our collective money than running the Tax Office as an enforced savings bank.
Chris
Friday, September 23, 2011 at 8:49 AMSigh, I still need to wade through the documents and do mine – was waiting for renovations to be finished but will have to take a weekend off to get it done :(
Sarah
Friday, September 23, 2011 at 9:23 AMno, but I owe them 200 bucks because our payroll didn’t account for the pay fortnight correctly and take out more tax
Travis
Friday, September 23, 2011 at 10:12 AMI’d much rather earn interest on that money than enable the tax department do it with my money.
light487
Friday, September 23, 2011 at 10:18 AMBut then you’d have to declare that interested you earned as an income anyway….
Steve
Friday, September 23, 2011 at 11:42 AMYep, any interest earned must be declared as income, so if you earned say $1800 in interest on your term deposit, the ATO would take $700 of that, leaving you with a better-than-nothing $1100
Dean
Friday, September 23, 2011 at 11:54 AMI got my 600, still waiting on the rest… Don’t think it’s coming.
Daniel
Friday, September 23, 2011 at 11:59 AMYea I got my whole $37 back :-(
Pattus
Friday, September 23, 2011 at 12:39 PMI’d love to know who’s getting this $2387 and how. I’ve never broken $1000 on a return I’m sure of it.
CS
Friday, September 23, 2011 at 1:03 PMI’d love to know who’s getting that kind of refund too. I’ve been lucky to get over $20 for the last few years & this year I have to pay them. So much for saving your hard-earned $$ – maybe I should just spend it instead!
ravennoir
Friday, September 23, 2011 at 1:30 PMI normally average about $2k on my refund, had to send though a bunch of info this time though. waiting to see what they say
Scotty
Friday, September 23, 2011 at 2:19 PMI don’t get anywhere near $2387.
I demand to know who got the rest of my share!!
Tegzilla
Friday, September 23, 2011 at 2:47 PMHaha, no-one understands how tax returns work. I love Australia!
Mork from Ork
Friday, September 23, 2011 at 3:24 PMSorry folks – I dragged the average down this year. I have a bill of $4327 thanks to the ineptitude of our HR folk. I’m hoping the ATO will let me pay it off via weekend detention ;)
mark b
Friday, September 23, 2011 at 5:07 PMgot my $4,800 :) best return yet.. already spent 1/2 of it on expenses & the other half will be invested in camera gear.
Daniel
Saturday, September 24, 2011 at 10:45 AM$7300 return this year. cha ching
Dr_Stef
Saturday, September 24, 2011 at 11:37 AMIt’s a bitch when you earn more than you’re supposed to aswell. Got my whopping 2 grand bill. :/
alisneaky
Saturday, September 24, 2011 at 7:20 PMI’m waiting for 6.5K + ATO Tax on top because they have had my claim for too long…system issue is the cause for me problem apparently…