16 Mar 1010 The ATO's new Processing System: latest update - 15 March 2010
In the latest update on the new income tax processing system dated 15 March 2010, Second Commissioner David Butler states that the ATO has:
- processed more than 1.2 million income tax returns in the new system
- issued around 440,000 refunds from the new system
- not released some processed forms where the ATO needed to ensure data integrity, leading to delays issuing some refunds and assessments.
Last week the ATO experienced some minor problems which have delayed it issuing some of those remaining stockpiled refunds and assessments while the it ensured the integrity of its data.
There are approximately 200,000 stockpiled assessments yet to issue (of which the ATO estimates 100,000 are refunds). These include assessments which involve a baby bonus, entrepreneur tax offset, primary production averaging, exempt foreign employment income, special professional averaging, eligible termination payments or superannuation lump sum payments and non-resident withholding tax.
The ATO has fixed these minor problems and hoped to start releasing most of these refunds and assessments from 15 March 2010 (with the exception of assessments involving non-resident withholding tax).
Mr Butler also comments on the "new look" notice of assessment and statement of account.
For more information on the new income tax processing system, go here