For most of us, waiting for a tax refund can seem to take forever.
Around this time of year everyone is keen to see those funds hit their account.
If yours has been delayed it could be due to these reasons.
- you or your tax refund accountant has lodged tax returns for several years at once;
- your return(s) have complex and or higher than usual claims;
- you have a tax debt or previously unresolved tax debt with the ATO;
- you got your bank details wrong (happens more than you’d think);
- the ATO need to verify info – ie they may need to contact your employer, financial institutions, private health insurers to cross-check the information in your tax return;
- the ATO need to check information with other Government agencies, ie Centrelink or Child Support (remember the ATO will pay part or all of your tax refund to other agencies if there are outstanding amounts);
- you or your tax agent has attempted to lodge your tax return twice in a year;
- you or your tax agent has made an amendment before the ATO have finalised your original tax return.
There are many other reasons but these are the main ones.
In any case, the ATO usually will let us (your tax agent) know if there will be a delay and we will follow up for you. Sometimes they may also contact you directly.
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Stephen is the CEO of Accountants Direct and is a Professional Director, ASIC Agent, Startup Advisor & Investor & Capital Raising Specialist.
Contact Stephen or his team if you have any questions about this post or any business matter in general.