Haven’t received your tax refund?
The Australian Taxation Office has recently released updated figures on 2011 tax return processing.
To 31st August 2011, the ATO has received just over 5 million 2011 tax returns and issued refunds totalling $9.36 billion. In addition to this, around 475,000 prior year returns have also been received since 1 July 2011.
The ATO issued 499,000 2011 refunds with a value of $1.21 billion in the week to 31st August. While this is an enormous figure, the ATO is still on track with their processing times, with many clients receiving refunds into their bank accounts well in advance of the 14 day target.
Tax returns can sometimes take a little longer to process though, especially if you have obligations to Centrelink or the Child Support Agency. The ATO cross-checks information with these agencies to asses any outstanding debts, and this can add three days or more to the processing.
In addition, complex tax returns may require manual processing, as will returns with high tax deductions or missing/incorrect information.
If you are concerned about the processing of your tax return and have not received any notification from the ATO in three weeks from the date of lodgement, please contact us or phone 13 28 65 to use the ATO’s automated system to check on the status.
This entry was posted on Wednesday, September 7th, 2011 at 2:44 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.