Tax Refunds: $5 Billion Handed Back So Far

Progress update number four on tax refunds from the Australian Taxation Office (ATO) shows we’ve slowed down on submitting returns, while the ATO has got faster at finalising them.

Out of the 3,216,000 returns received as of Monday August 6, 2,379,000 have been finalised, and 2,107,000 refunds have been issued. The total value of refunds to date is a whopping $5.11 billion dollars, which gives us an average refund amount of $2425.25 (up on the average last week — must have been some bigger-than-average refunds in this week’s batch).

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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