Tax Refunds: A Million Returns Need Processing

The second progress update from the Australian Taxation Office (ATO) on refund processing shows that we’re busy beavers: 871,000 returns were submitted in a week.

Of the total 1,718,000 returns received as of Monday July 23, 717,000 have been finalised, and 653,000 refunds have been issued, with a total value of $1.45 billion dollars. That gives an average refund of $2222.52, and means more than 90 per cent of finalised returns receiving some kind of refund. (If you’re not due a refund, chances are you won’t submit early anyway.)

The ATO aims to process 94 per cent of returns within 12 business days from submission, but we can’t tell from these numbers if it is meeting that standard. (That figure won’t be disclosed for some months.)

You can check out our full Tax Week 2012 guide if you’re preparing your tax, and download e-tax if you’re not working through an agent or accountant.


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