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ATO wants you to be able to access your refund sooner
With $10 billion already refunded to taxpayers this tax time, the ATO wants to ensure Aussies are getting access to their cash entitlements as soon as possible.
ATO wants you to be able to access your refund sooner
With $10 billion already refunded to taxpayers this tax time, the ATO wants to ensure Aussies are getting access to their cash entitlements as soon as possible.
Assistant commissioner at the Australian Tax Office, Karen Foat, has said that more than four million refunds have already been sent out this year.
With most returns being processed in under two weeks, Ms Foat said the ATO “works around the clock to quickly get refunds in peoples’ hands”.
“However, there are some things that taxpayers should take care with – to ensure their return is not unnecessarily delayed,” she continued.
Check your bank details
“Firstly, it’s important to check your bank account details are correct, and if you’ve changed accounts recently, take a moment to update your details,” Ms Foat offered.
This tax time, the ATO has “seen some people who are really keen to get their refund, having missed this important step”.
“When refunds get sent to incorrect bank accounts, redirecting them to your new account will take more time,” Ms Foat warned.
Declare all your income
“Another big obstacle getting between some people and their return is forgetting to declare some income,” the assistant commissioner said.
Listing off several things people forget to include, she noted are rental income, bank interest and government allowances or payments as common culprits, particularly if an individual lodged their return before the ATO was able to pre-fill their information.
“If our data shows us that you’ve likely left out income, that can slow down the processing of your return while we make additional checks,” Ms Foat offered.
Only claim what you are entitled to
According to Ms Foat, the ATO’s data analytics is able to flag “instances of people making claims out of the norm for their occupation and income level”.
“While we want people to claim what they are entitled to, where claims seem unusual we may do some additional checks, which could mean longer until you get your refund,” she commented.
“So make sure you only claim what you are entitled to and keep your receipts so that you’ll have them on hand quickly if we do need to see them.”
nestegg has previously considered what can and can’t be claimed in 2019, as well as some of the most outrageous expense claims received by the ATO.
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