The first full week processing report from the Australian Taxation Office (ATO) is in. Almost a million 2011-2012 returns have been received since July 1, and just over 186,000 of those have been processed and received a refund.
Of the total 917,000 returns received as of Monday this week, 210,000 have been finalised, and 186,000 have received a refund. That translates as around 20 per cent getting a refund, though that proportion is probably skewed (you’re more likely to submit early if you know you’ll get money back). The total refund pool so far is $0.47 billion, which gives an average return of $2526.88. Again, that average will drop over time. The ATO aims to process 94 per cent of returns within 12 business days from submission.
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. More than 400,000 of the returns received to date have been via e-tax.