Money

Tax Refunds: $16 Billion In Refunds So Far

Monday is the last day to submit your 2010-2011 tax return if you’re doing it yourself, which means we’ll probably only see one or two more updates from the Australian Taxation Office (ATO) on its processing. In its latest missive, which covers submissions up to October 26, the average refund figure remains in the same area it has been for a while: $2428.42, with a total refund pool of more than $16 billion.

Since July 1, the ATO has received 8.451 million returns, and has finalised 7.815 million. 6.601 million refunds have been issued, meaning 78 per cent of us get some money back. More than a quarter of our tax forms (2.2 million) were sent via E-tax, though using an accountant remains the most popular choice. If you haven’t yet done your tax, be sure to check out our 2011 Tax Week series for helpful hints.

ATO

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