Tax Refunds: Average Now $2400.55

We didn't the average refund from the ATO in our last processing update, so let's have a gander at the newest numbers. As of October 5, the ATO had received 7.276 million returns, finalised 6.708 million of them, and issued 5.782 million refunds with a total value of $13.88 billion.

That means that 86 per cent of us get a refund, and the average amount is $2400.55. Of course, the average isn't particularly representative of what any one individual will get, but we don't have the individual data to calculate the median figure, which would otherwise be more helpful. While you might expect the average to drop as later-submitted returns trickle in before the end of October, in reality many of those will be from people who owe money, so that won't affect the average refund figure.



    What happens to that $13.8b before it's claimed back..? I understand that a lot of the "tax back" is offsets rather than tax that was overpaid throughout the year but I think the "average" person would be better off in the year to have that "average" $2400 in their wallets and subsequently going through the retail markets, than in some bottomless pit.

      It just satisfies the masses. People get ecstatic about a tax return, but would get pissy about getting a bill at the end of financial year.

      Unfortunately we don't get any return on investment on that money, but again, the masses don't think of that anyway.

        If we did get a return on that investment it'd be taxable ;)

    Just did my taxes for the last 2 years and got a bill of around 400 bucks, all because of the amount of interest I earned...
    Man it would be sweet if I got a return of even a few hundred bucks back, but since im a responsible adult that saves my money for things I want, I get penalised.

    What is the relationship between the average income tax refund and any one individual's actual tax refund?

    The amount of tax payable/refundable is based upon each individual's personal circumstances so who the hell cares what the average is?

    I'd like to boast that my e-peen ( 8========D) is bigger than the average keyboard warrior's.

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