Tax Refunds: Average Refund Now $2261

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.



    I moved to this great country half way through last year... and hence my estimated refund is a nice $8,000.... Sadly the evuhl Tax man can't stomach to lose this much and I have been told I must wait a minimum of 12 weeks whilst they investigate... looks like my new computer and tablet device will have to wait :(

    I'm only looking at about $1200.

    Sadly, I'm only looking at $289. Almost $2000 worth of freelance sound engineering work combined with my employer being pretty spot on with their tax withheld doesn't leave me much.

    $2800 was my quote. yippe!

    I owe the taxman money, due to interest earned in my savings account :(

    Got 2000 for the mrs, as she stopped work halfway last year to have the baby, that will come in handy.. im expecting around 2000 aswell... love tax time! best time of year.

    I owe the tax man +2K this yr.. just because I'm trying to save - totally sucks.

    Damn. Should have put mine in weeks ago when the Avg return was $3k something!!

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