With close to 2 months of the 2011 tax season complete, the ATO has released interesting figures on its average tax refund amounts and processing times.
In the latest progress report released by the ATO, which includes figures up to 17 August, the number of returns received by the ATO since 01 July, 2011 currently stands at 4,117,000. Of those returns, 3,178,000 have been finalised with 2,861,000 (90%) of individuals receiving a refund.
The total amount of money in the refund pool is $6.73 billion, which means that the average refund is $2331.
How quickly will the ATO process my return?
At Etax Accountants, the speed at which the ATO processes an individual’s return is a frequent topic of discussion.
According to the ATO, 92% of returns electronically submitted in 2011 were finalised inside 14 days. 16 days after lodgement this number is up to 95%.
While the ATO states that most refunds will be processed within 14 days, the above figures (and our own experience) show this is not always the case. Unfortunately, the ATO will not accept formal inquiries regarding the status of a return until 30 days after lodgement.
If you have any questions or comments regarding the average refund amount or ATO processing times, please don’t hesitate to contact the team on admin@etax.com.au or 1300 693 829.