01 Oct 10 Tax Time 2010 - update
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.