ATO Has Issued $11.5 Billion In Refunds

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ATO Has Issued $11.5 Billion In Refunds

As we contemplate the latest figures from the ATO, here’s one that’s worth a pause: the collective value of refunds issued so far is $11.5 billion. Woah. But is it meeting its targets for processing returns?

As of last Friday, the ATO had received 5.81 million returns, and had processed 5.12 million of them. That equates to 88%, which is below its stated target of 94% within 14 days for electronic returns. However, since that percentage is a total figure which also includes non-electronic returns, I suspect that by the end of the tax period, the ATO will be claiming it has met the standard, despite the many people who complained about not getting refunds during July.

Progress report 6 [ATO]

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