It can be frustrating having to wait for your tax refund. Especially so when you are super organised and get in to see us quickly. However, it is important to note that sometimes there are delays at the Australian Taxation Office, especially in peak Tax Season.
So, here are some things you need to know about the average waiting periods after the lodgement of your tax return through to when it arrives in your bank account.
How long does it take to process a tax refund?
It is usually pretty fast.
Electronic tax returns are the quickest. This is how we at Precision lodge our returns and they are normally processed by the ATO within two weeks. So far this tax season, it is fair to say that most refunds are being processed within 10 working days after lodgement. However, some people will wait longer for the ATO to get it processed.
When you need your tax refund and want to avoid processing delays, make sure you book in for an appointment as early as possible. We will guide you through what you can and cannot claim to avoid any unnecessary questions by the ATO, but an early appointment is the key.
Tracking your tax refund
In recent years the ATO has done a great job of helping people track their refunds, so when you want to know how your refund is traveling don’t just take our word for it, feel free to use the tracking tools available.
What can I do if my tax refund is delayed?
This can be frustrating. However, the ATO advise you to wait 30 days from your tax return lodgement date. The ATO won’t start an investigation until the month has passed.
Delayed tax return
Some of the most common reasons for processing delays are:
- where you have recently lodged tax returns for previous years;
- you currently have a debt with the ATO;
- you are under an Insolvency administration, for example, bankruptcy or debt arrangement;
- the Australian financial institution account details associated with your return changed during processing;
- the ATO needs to check information with other Australian Government agencies such as the Department of Human Services including Centrelink, Child Support or Family Assistance Office;
- The ATO needs to verify the information you have provided, including spouse details and private health insurance information or cross-check the information with data from their own systems.
Contact Team Precision to Join the conversation… and see how we can help you get the best tax return possible and avoid any unnecessary pitfalls and delays.