ATO Has Processed One Million Tax Returns This Week

Since Monday's update on the progress of tax return processing for 2010, the ATO has worked through another million returns. As of Friday, it had processed 3.2 million returns and issued more than $7 billion in refunds -- a figure that's almost doubled since its previous announcement on that score. [ATO]


Comments

    Wow.... so Im guessing the total amount they hold during the year in refundable tax is somewhere around the 20 billion dollar mark (assuming 10 million taxpayers?? I have no idea how many there are so that figure could be way off).

    That's some serious interest that would accumulate over the course of a year. Sure the tax is added to their coffers incrementally each month and they dont hold the entire amount for the full year but still the interest potential is huge. Imagine if they were forced to pay you interest on the amount they held during the year.

    Well they haven't done it consistently.
    I lodged returns for a couple on 21 July and she received her refund 29 July. As of today his hasn't been released and the ATO confirmed they have had the return since 21 July and they can see know reason for any hold up. Then of course was the usual screed about 14 days and that they have 30 days to be withing guidelines.
    I just want them to be consistent. I'm sorry I was so kind to them on my blog a week or so ago (www.profitrain.wordpress.com)

    Hope your refund comes through quicker than my client - his wife is happy with her 8 day turn around.

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