Patience is a virtue; which is why waiting for your tax refund is the toughest part.
The heavy lifting is done. You’ve packed your bags and purchased your ticket. The only thing left to do is wait for the bus to pull into the station.
How long does it take for the ATO to issue a refund?
Typically, your tax refund can be issued within 10-14 business days. The ATO doesn’t leave you hanging on purpose. However, you should keep in mind that they are one entity handling a bulk of the country’s finances. With that in mind, they have shortened the process a bit by allowing you to receive your refund via two options; essentially cutting out paper checks. You’ll be able to receive your tax refund by:
- your Australian bank account, or
- your foreign bank account
Are there reasons why it may take longer than 10-14 days to receive my refund?
The ATO gives us a two-week time frame to process a tax refund. For some, this process could take longer. Here’s a few reasons why a refund could take longer than expected to process :
- If you’re lodging previous year tax returns at the same time as your current year tax return
- If you forgot to enter or mistakenly entered the wrong information such as your date of birth, your bank account information, etc.
- If your return needs to be further checked by the ATO. This could be the xase if;
- the ATO needs more information or data checked with the Department of Human Services
- the ATO notices potential errors (ie: overstated claims)
- you have insolvency-related obligations
Can I track the progress of my tax refund?
Whether or not your refund is taking longer than expected, you might want to track the status of your refund by using the ATO’s Progress of Return tool. The tool will help you better understand the whereabouts of your refund and when you can expect to see it in your bank account.
Keep in mind- the sooner you lodge, the sooner you’ll receive your tax refund!
Now, are you ready to catch that bus?
Make sure you’ve purchased your ticket before boarding. Lodge your tax return today with E-Lodge. We’re here to help you receive the maximum refund possible. To see what our current customers have to say about their experience with us, check us out on Trustpilot!
Updated 4 August 2016.Tags: progress of tax return