As we’re now more than half way through the 2012 tax season, we’ve decided to take a look at the ATO-issued average tax refund for 2012. How does your refund compare?
This year the ATO has received 5,453,000 tax returns so far this tax year. So far they’ve processed 4,794,000 returns with 4,224,000 tax payers receiving a refund.
So far the total refund figure is $9.76 billion, which means the average return (so far for 2012) is $2310.60.
Looking at those numbers, it is amazing to consider the recent report showing how Australians might be losing out on $7.3 billion in tax rebates. Why? Mostly it is forgotten work expenses, lost receipts and the like.
It’s no wonder 70% of Australians use a tax agent rather than going direct to the ATO! Of course at least half of us will get a refund smaller than the national average but, as taxpayers, we should do everything in our power to get the refund we’re entitled to.
Keep an eye out on our blog later in the year – we’ll look at the Average tax refund for the whole 2012 tax season and reveal more ways to improve your tax refund.