When you’re expecting a tax refund, waiting is never easy. Instead of just wishing it will arrive sooner, read on!
There’s no way to know exactly how long the ATO will take to process your tax return. Behind the scenes, the ATO examines tax returns more closely than ever, analysing and comparing your return to other people like you to see if there’s anything ‘out of the ordinary’. All these things can make your refund take longer. However, some simple steps can help ensure your refund doesn’t take longer than it should.
Our tax experts at Etax share their simple tips to help you get a faster tax refund!
1. Gather all your tax information and keep it together in one place:
- Your employer(s) will provide your income records directly to the ATO, but if you received any other types of income, keep a record of it.
- Collect receipts for all work-related expenses you pay for, plus other deductions like charity donations. Just gather them in one place, all year long. Also see how to Save Receipts and Deductions.
- Then, in July, simply fill in the new easy-to-follow Etax form, and Etax experts take it from there.
2. Get your contact details right!
- Make sure you enter your personal details into the Etax form correctly. That way, if anything comes up, your Etax accountant can get it sorted for you right away.
- Provide an email address that you check frequently, plus your current mobile number.
- Add [email protected] to your email address book – this helps make sure you’ll see important notices about your tax refund.
3. Make sure your return is honest and realistic:
- Only enter deductions that you really paid for, and that are related to your work. If you’re not sure whether to claim it, we’re here to help!
- If you didn’t pay for it, or you were reimbursed, don’t include it on your return.
If you inflate the dollar amount of deductions, it will ring alarm bells over at the ATO. This is the best way to get yourself in trouble. The ATO knows more about your finances than you think!
If you “get creative” with your tax return, you could lose your refund completely, rather than get your refund faster!
4. Play it safe, with an expert on your side:
We’re all human, and very few of us are tax experts, so mistakes will happen from time to time. To make sure you always get your taxes right, start with Etax looking out for you:
Our accountants check your return for anything that could slow down your tax refund. They know what ‘triggers’ an ATO audit, like errors or unusual claims. Spotting those problems is one of the things we do best.
Jateen Topiwala | Tax Manager
At Etax, you can do online Live Chat with your accountant, or if you’re in a hurry, just leave a note in the ‘Any Other Questions’ box at the very bottom of your Etax return, then sign your return online. Next, your accountant will get in touch to answer all your questions and give your tax return the best chance of a faster tax refund. Finally we’ll get it lodge at the ATO, and this all happens very fast.
For more information on how the experts at Etax can help you get a faster tax refund, contact us by phone on 1300 693 829 or email the team on [email protected].
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