On the 13th August, the ATO had finalised 3.2 million assessments from July 9th. The total value of tax refunds issued is now in excess of $7billion.
The ATO are busy receiving 200,000 returns a day and aim for quick a turn around in tax refunds.
The ATO aim to maintain the service standards in processing:
- 94% of individuals’ electronic returns within 14 days
- 80% of paper returns within 42 days
The times projected may suffer delays as the ATO cracks down on fraudulant claims for refunds. Upgraded technology will help the ATO more effectivey detect such fraudulant claims, however it will add an additional 2 days onto processing.
The ATO regularly publishes progress reports, more more information visit www.ato.gov.au