Tax Refunds: Nearly $10 Billion So Far

On its eighth progress report for 2011-2012 financial year tax returns, one thing is clear: the Australian Taxation Office (ATO) gives out a lot of money. As of Monday September 3, just under $10 billion in refunds had been issued.

Per the latest ATO update, 5,453,000 returns have been submitted, 4,794,000 have been finalised, and 4,224,000 have received a return. The total refund figure is $9.76 billion, which gives an average return of $2310.60.

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

    which gives an average return of $2310.60 ..... :( god damit i feel like the only guy in australia who has to pay more. gotta get me a new accountant.

      yeah, not sure... no one I know is getting any more than about $500 max, most are either gettins <$200

        erk, posted before I finished :\

        *most are either getting <$200, or having to pay some.

        (standard anecdotal evidence caveats apply)

      I feel you. Owed them money three years running now, avoiding doing this years on principle.

        'avoiding doing this years on principle'

        Thats smart, tax evasion always goes down well

    MY feeling is the average return is high due to the number fo retrenchments in the last year - people pay tax at higher rate, lose job, income fo ryear is reduced. therefore decent tax refund.

    ATO reaping the interest benefits whilst holding 'our' dollars.

      I actually asked my accountant about whether they kept my tax money and got interest, he just laughed and said that there is never money just sitting around. We have a massive debt, all the money would go into that if at all.

        fair point...
        reaping the reduced intrest costs of holding our dollars :P

    getting mine done next monday, and hoping for a $4000-$5000 return

    Managed to get a return of $4700 for 6 months, I don't claim the tax free threshold though, treat it like forced savings.

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