Processing Income Tax returns
Processing of Income Tax returns as part of Tax Time continues with the following snapshot provided of processing as at close of business 28 September 2010:
- 7.54 million returns received
- 7.19 million returns finalised
- 6.76 million notices of assessment issued
- 5.90 million refunds issued
- Total value of refunds issued totalling $15.67 billion
The ATO are preparing for the final surge of lodgments which are expected to peak in the latter part of October and the Commissioner issued a lodgment reminder to self preparers today.
Payment of Interest where returns were delayed pre 1 July
In March and April 2010, some assessments were held up pending correction of a problem in our new processing system. The ATO undertook to pay additional interest to clients where applicable. The ATO has now paid all identified amounts over $50.00 and is working towards a solution to credit amounts less than $50 to clients' accounts (to prevent the issue of multiple small amounts to Tax Practitioners). We will let you know how this will be achieved in the near future.