06 Aug 10 ATO Briefing Tax Time 2010Tax Counsels Angie Ananda FTIA and Tamera Cockerill ATIA attended the ATO Briefing for Tax Time 2010 on Thursday, 5 August 2010. The ATO advised that in the period 1 to 29 July 2010, 1.25 million notices of assessment have issued and 1.04 million refunds to the value of $2.3 billion have been issued and paid.
Notices of Assessment and refunds have continued to issue from 29 July and continue to do so.
The ATO anticipates that a further 800,000 (with the vast majority being EFT payments) cheques or payments will issue on Friday 6 August. The ATO is finalising more detailed information to be released tomorrow to professional associations.
The ATO has confirmed that there is no differentiation in processing of returns lodged via ELS or through eTax.
The ATO are also aware that tax agents may use the issue date from the Portal to advise their clients when to expect refunds. It should be noted that there may be some instances where returns are subject to further review and this may result in this date being changed.