As the end of this financial year is getting closer (1st of July), you might be wondering “How soon can I get my refund back?”
If you want to get your business tax refund back as soon as possible, there are certain things to consider during the whole year.
Today I’ll give you some useful tips and easy to implement suggestions.
1. Make sure your bank details are correct on the tax return
I suggest to double check with your accountant that your tax return and your bank details are on the tax portal.
Sometimes they change, but it’s your responsibility to keep them updated.
You might also be interested in: Checklist To Get You Ready For Tax Time
2. Make sure you have the same name on your bank account and on your business tax return
We’ve had situations where ladies got married, changed their name through the marriage certificate but they haven’t changed their name on their tax return.
It’s your responsibility to make sure your bank account and business tax refund information are correct. So double check all your information to make sure you avoid complicated situations like the bank sending your tax return to the wrong place or sending a cheque on the wrong name.
Reminder: If you’ve changed your name the previous year, make the change it in the tax return too.
A few years back …
… the Tax Department said, “That’s it! No more cheques!”
In most situations, the ATO would send you an AFT (Automated Funds Transfer). But in some situations, they will also send you a cheque.
Tip: Make sure the details you have on your AFT and your cheque are correct and up to date.
You might also be interested in: I’ve Missed The Tax Deadline, What Do I Do?
When can you expect your money back?
- If you’ve done it correctly
Generally, if you do your tax return with a tax agent or online, you’ll probably get your money back within 10 days. As long as everything has been lodged on time and claimed correctly.
- If you haven’t done it correctly
… they’re going to send you a refund in about 10-12 weeks!
To put it briefly
If you really want to get your money back within that 10 day period, go and make sure all your details are correct. Double check everything!
Why would you wait for months to receive your business tax refund back when it could be just a matter of days with the proper guidance of a professional, right?
If you have any questions about your tax return or want to find out how the latest ATO tax updates will influence your business, I can help. Let’s get in touch right now.