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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including the much-talked-about use of macro-prudential measures to cool the rapidly expanding market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring ETFs, what they are and why young investors, in particular, are jumping onboard their latest surge. Dr Zhong also takes a closer look at BNPL platforms.

And lastly, tax and super guru Timothy Munro gives his thoughts on Prime Minister Scott Morrison’s choice to backtrack on any further SG changes and looks at the impending end of the low and middle income tax offset.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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ATO wants you to be able to access your refund sooner

By Grace Ormsby

August 16 2019
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ATO wants you to be able to access your refund sooner

By Grace Ormsby
August 16 2019

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

By Grace Ormsby

August 16 2019
Share

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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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

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