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.

ATO


Comments

    Yep, got mine in 12 days exactly. And it was above the average. Mind you a coworker hasn't received hers yet... 19 days in to it. I said don't worry... you didn't do any dodgy claims did you ???

    Mine was in my account in 5 business days. My wife's took 8 business days.

    Seeing this article made me check my bank account and there it is! Processed it using e-tax on the 18th so that's 5 business days. I'm very happy that it's an "average" return.

    Tomorrow is 12 days...Hopefully I can see sth.

    I got back $43.70, it wasn't very exciting

    13 days after submitting and still waiting. :-( Sad because the expected refund is a jumbo one!

Join the discussion!