16 Jul 10 ATO Briefing - Tax Time 2010The ATO have advised that this week the bulk processing of 2010 returns has commenced.
Tax agents and individuals who have lodged their 2010 returns can expect to see some EFT payments commencing today, Friday 16 July. This is for 2010 returns which are processed in a routine manner. Following the initial arrivals on Friday, there should be regular arrivals in the following days.
From Wednesday 21 July the ATO expects that cheques will start to be received in the mail by clients or their tax agents.
If you have lodged a 2010 (or earlier year) return which requires a compulsory repayment of HELP or SFSS then these will take longer to process. A system change for this issue will be made over the weekend of 17 and 18 July. The ATO will confirm that this change has applied and the processing of these returns has recommenced (planned for 20 July).
At this stage there have been three issues which have emerged affecting a relatively small number of 2010 income tax returns.
- Regarding the tax averaging calculation for primary producers and personal superannuation contributions. The calculation is incorrect and the ATO are notifying affected taxpayers;
- Regarding personal superannuation deductions for the self-employed the ATO has procedures to ensure they receive their correct entitlement. Taxpayers who have their personal superannuation deduction disallowed should contact the ATO Superannuation infoline 13 10 20 (Registered agents should use 13 72 86); and
- Regarding spouse contributions tax offset, the solution is in progress, with a systems fix to e-tax due to occur this weekend.