Once you have lodged your tax return, the question on most peoples’ lips is typically ‘how long will my refund take?’
If, like thousands of other Queenslanders, you lodged your return through a registered tax agent at ITP, you can expect to receive your refund within 12 business days or less. All of ITP’s returns are lodged online which is why we can promise to obtain you the maximum return in minimum time. If you lodged a paper return by yourself or through another tax agent, it could take up to 50 business days to obtain your refund.
The quickest, most secure way for you to receive your refund is to have it transmitted directly to a nominated Australian bank account using electric funds transfer. It is essential your bank details are correct at the time of lodging; if they are incorrect, your refund will be delayed.
If you find yourself waiting longer than expected for your refund, there could be a number of reasons why. Some of the most common are:
- You have an outstanding debt with the ATO
- You have lodged returns for previous years, either on their own or with the current year’s tax return
- The ATO needs to check information with other government agencies such as Centrelink or Child Support.
Upon lodging your tax return, the ATO will issue you a Notice of Assessment which details your refund eligibility or debt liability. In the event you end up with a debt to the ATO, don’t panic. Your ITP specialist will help you to determine the most manageable method for paying your debt, to suit your financial circumstances.
The sooner you lodge your tax return, the sooner you will be refunded the money you are entitled to, so take that proactive step today by visiting an ITP consultant for expert advice in claiming your tax back.