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If you're eligible for a tax refund, you should receive it within two weeks after successfully lodging your tax return, unless there's an issue with your return. If there's some incorrect information in your return, or the ATO are reviewing some deductions you've claimed, it could take longer to get your money back.
This guide will outline some of the issues that may delay your tax return as well as what the different tax return status labels mean. We'll also give you some tips on what to do with your refund when you get it, to make the money stretch further.
Here's a few different things you can do with your tax return to make the money work harder for you.
How long will you have to wait for your tax refund to be paid? That depends on how you file your return:
However, if you’re likely to experience serious financial hardship as a result of this processing time, you can apply to the Australian Taxation Office (ATO) to request priority processing of your return.
If you’ve made a mistake on your return and need to update it, the quickest way to do so is using ATO online services via myGov. Online amendments are usually processed within four weeks, while paper amendments can take up to 10 weeks to process. Alternatively, if a registered tax agent lodged your return, that agent can also amend any mistakes.
Once your return has been processed, the ATO will issue a notice of assessment that explains whether you are entitled to a refund or whether you have a tax debt to pay. If you’ve linked your ATO account to your myGov account, this notice of assessment will be sent to your myGov inbox.
There’s no umbrella statement that can accurately answer this question, as there are several factors that can influence how long it takes to complete a tax return. From your sources of income to the deductions you claim, whether you have private health insurance cover, your marital status and even your tax returns from prior years, there are many variables that can reduce or increase the time it takes you to finish and lodge a return.
There are also several ways you can lodge a return:
However, there are some situations and circumstances which can increase the total time needed to complete your tax return. These include:
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In some circumstances, your tax return may take longer to process than the timeframes listed above. This can happen for a number of reasons, such as:
If the ATO requires any further information to process your return, you will be contacted with a request for the necessary details.
If you’d like to check up on the progress of your tax return, there are three quick and easy ways to do so:
When you check the real-time progress of your return via myGov you may be shown the status updates outlined in the table below:
Stage | Status and outcome |
---|---|
1 | In progress – Processing: The ATO has received your return and has started processing it. |
2 | In progress – Information pending: The ATO is obtaining additional information needed to process your return. You will be contacted if necessary. |
3 | In progress – Under review: The ATO is reviewing your tax affairs. This may include your tax returns from prior years. The ATO will contact you if necessary. |
4 | In progress – Balancing account: The ATO is balancing the result of processing your return with your tax accounts and calculating the refund amount you are entitled to or the amount you need to pay. |
5 | In progress – Processing: The ATO is generating your notice of assessment and any associated refund where an estimated issue date is shown. |
6 | Issued – $ amount: Your notice of assessment has been issued. |
Using an accountant or registered tax agent to file your return won’t see you get a refund any quicker than if you do your own tax online through the ATO’s MyTax service. The same processing times listed above apply, regardless of whether you get a professional to help or you DIY.
However, this isn’t to say there aren’t several benefits to using a tax agent or an accountant to lodge your return. Their expert knowledge can help you claim all the deductions possible and get the biggest refund you’re entitled to, plus they can also offer assistance if you become subject to an audit. And if you have complex income or anything else that’s likely to result in a complicated return, getting professional help can help you navigate what can be a confusing and intimidating process.
Your tax return will be deposited into your nominated bank account. Simply make sure to provide your bank account details when you file your return, and any refund you’re entitled to will be paid directly into your account.
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