Tax Refunds: $7 Billion And Mounting

The latest progress update on tax returns from the Australian Taxation Office (ATO) shows the money is still flowing out the door. Total refunds to date? An eye-watering $7 billion.

Over the week to August 20, 648,000 returns were submitted. Of the total 4,457,000 returns received to that date, 3,570,000 have been finalised, and 2,680,000 refunds have been issued. That works out to an average of $2216.56 each.

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

    To me, that show what an indictment our current tax system is. The fact that people can bank on a return, shows how overly complex, and overbearing it is for any average individual. What will be interesting is the figures next year, given the rise in the tax free threshold, and as such, the number that will actually need to lodge.

      Id rather a return than a pay-out :/

        But you shouldn't have had to pay it out in the first place to get it back!

          ^ Right on the mark, if you do your tax properly, you pretty much shouldn't get/give any tax.

            that's completely incorrect for anyone who can legitimately claim tax deductions as part of their job. also completely incorrect for contractors/self-employed.

            thanks for playing!

      The tax the comes out of my pay is spot on. It's the deductions that allow me to have a tax return. How are you going to build in tax deductions into your pay? The fact I can claim and get a return shows the system is working pretty good.

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