Tax Refunds: Have You Got Your $2387 Yet?

The ATO's latest update on tax return processing confirms that it's continuing to meet its target of processing 94 per cent of electronically-submitted returns within 14 days. As of September 21, it had received 6.49 million 2010-2011 returns, finalised 5.886 million, and issued 5.149 million returns with a total value of $12.29 billion dollars. That works out to an average return of $2387.

That average return size suggests we're unlikely to ever see massive simplification of the tax system even for standard salary earners, since we're all addicted to the idea of getting a refund. Several commenters on earlier tax posts have noted that they don't mind overpaying tax since it forces them to save. That might be effective in terms of stopping you withdrawing money, but there might be better ways of spending our collective money than running the Tax Office as an enforced savings bank.

ATO


Comments

    Sigh, I still need to wade through the documents and do mine - was waiting for renovations to be finished but will have to take a weekend off to get it done :(

    no, but I owe them 200 bucks because our payroll didn't account for the pay fortnight correctly and take out more tax

    I'd much rather earn interest on that money than enable the tax department do it with my money.

      But then you'd have to declare that interested you earned as an income anyway....

        Yep, any interest earned must be declared as income, so if you earned say $1800 in interest on your term deposit, the ATO would take $700 of that, leaving you with a better-than-nothing $1100

    I got my 600, still waiting on the rest... Don't think it's coming.

    I'd love to know who's getting this $2387 and how. I've never broken $1000 on a return I'm sure of it.

    I'd love to know who's getting that kind of refund too. I've been lucky to get over $20 for the last few years & this year I have to pay them. So much for saving your hard-earned $$ - maybe I should just spend it instead!

    I normally average about $2k on my refund, had to send though a bunch of info this time though. waiting to see what they say

    I don't get anywhere near $2387.

    I demand to know who got the rest of my share!!

    Haha, no-one understands how tax returns work. I love Australia!

    Sorry folks - I dragged the average down this year. I have a bill of $4327 thanks to the ineptitude of our HR folk. I'm hoping the ATO will let me pay it off via weekend detention ;)

    got my $4,800 :) best return yet.. already spent 1/2 of it on expenses & the other half will be invested in camera gear.

    $7300 return this year. cha ching

    It's a bitch when you earn more than you're supposed to aswell. Got my whopping 2 grand bill. :/

    I'm waiting for 6.5K + ATO Tax on top because they have had my claim for too long...system issue is the cause for me problem apparently...

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