Since July, more than 2 million Australians have submitted their 2010-2011 tax return. If you’re one of them, right now there’s pretty much a 50% chance the Australian Taxation Office has actually processed your refund.
In its latest update, the ATO reveals that as of July 27 it has received 2.069 million returns, and has finalised 1.123 million of them. Of those, 1.039 million have gotten a refund (that’s around 93%). The total refund pool is $2.35 billion, which means the average is $2261. (Since we’ve started tracking the average, the figure has been dropping, which is unsurprising: the bigger your likely refund, the bigger your incentive to file on time.)
Those figures continue to suggest that the ATO will have to work hard to meet its goal of processing 94% of returns within 14 days. In the last two weeks alone, it has received approximately 1.5 million returns, and the total volume of returns processed across the whole month is less than 94% of that figure. That said, without knowing exactly when those returns showed up, we can’t properly assess that percentage. As is always the case with tax, we’ll just have to wait.