One of the most common questions we’re asked is ‘How long will it be before I get my tax refund’? As a general rule most electronically lodged returns are processed within 12 days however when dealing with the ATO there are always exceptions! And of course if you’re one of the unlucky ones waiting on a delayed refund it can be extremely frustrating.
According to the ATO, one of the most preventable reasons for a refund being delayed is incorrect bank account details. For several years now the ATO has been directly paying refunds directly into bank accounts. It is important to review the account details included on your return each year and notify us of any changes to ensure the refund is directed to the correct bank account.
As your registered tax agent, should the processing of your return be delayed for any reason we are happy to contact the ATO to find out what the hold up may be. Be aware however the ATO has control of the process. Their ‘28 days service standard’ means the ATO will not take any action until 28 days have passed. This quote is from the ATO website “There is no way to speed up this process, even if you call us”.
You can also keep tabs on the progress of your return by doing a quick search online using your tax file number: ATO Progress of Return.
For those of you who have a myGov account, you will no longer receive a paper copy of your Notice of Assessment. Your assessment will be delivered straight into your myGov inbox and an SMS or email will be sent from the ATO alerting you to its arrival. We will not be advised that your assessment has been issued however as your registered tax agent we can access a copy of the assessment notice.
Contributed by: Suzanne Fitzpatrick