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.



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