There’s a popular saying that the only thing sure in life is death and taxes. Tax season doesn’t have to be all grim though.
You can look forward to tax refunds which you can use in either fun or sensible ways. If no refund is to be had or is smaller than anticipated, then, it would be best to owe no additional taxes.
You may wonder: will you get a good refund, or will you be hit with a tax bill from the Australian Taxation Office (ATO)? The answer is simple – if you paid more tax than you needed to, the extra amount would be refunded to you. If you didn’t pay enough tax, you may receive a tax bill.
This article will explain how you can check the status of your tax return, what happens once your tax return is processed, and explore ways you can maximize your refund in the future.
Notice of Assessment
Once your tax return is processed, the ATO will send you a Notice of Assessment. This will tell you if you will receive a refund or have a tax debt to pay. Specifically, it will set out:
- The tax you owe on your taxable income.
- Any credit you have for tax already paid during the income year.
- The tax amounts you need to pay or will receive as a refund.
The government will issue you a tax receipt showing how it spent your taxes.
How to Check the Progress of Your Tax Return
There are several ways to check the progress of your tax return, with options for those who are more comfortable being offline. They are:
- online using myGov
- using the ATO app
- by phone (have your tax file number on hand)
- with your registered tax agent
The Different Types of Statuses for Tax Returns
If you check the status of your return using the ATO’s website or its app, there are several possible status options.
- In progress – Processing
This means the ATO has received the return and has started processing it. Or it means they finished processing it and will be issuing a notice of assessment. The estimated date for the assessment can be seen by clicking the down arrow.
- In progress – Information pending
They are collecting information to help them finish processing your tax return and will contact you if they need more information.
- In progress – Under review
The ATO is reviewing your tax return by hand to make sure everything is correct before it is finalised. They may need to check your prior year’s returns and will contact you if more information is required.
- In progress – Balancing account
They are balancing the result of your tax return with the accounts you have with them, and other Australian Government agencies. They are also calculating the amount you will be refunded or need to pay. They will contact you if more information is required.
- Issued – $ Amount
You’ll be able to see your notice of assessment online, the date for payment, and whether you’re entitled to a refund.
The ATO would pay your refund directly into the bank account you nominated if you provided valid Australian bank account details when you lodged.
How to Maximize Your Refund
There are several easy steps every Aussie can take to get a bigger tax refund.
- Claim every tax deduction you are entitled to:to do this, you can only claim items you have receipts for; that are related to your work; and that your employer hasn’t already reimbursed you for.
- Keep Your Receipts! Keep them in a shoebox or a folder, or use an app on your phone. Just make sure you hold on to them!
- Include Donations to Charity: Small donations are often overlooked when filing. Small contributions over a year can add up at tax time. Keep the receipts.
There are also tax benefits from the recent federal budget that people can claim. This is to help with the rising cost of living and includes a one-off cost of living tax offset for those who need it the most.
If your tax refund was not as large as you were hoping, or you have received a tax bill that you weren’t expecting, don’t despair. You have options. If you want to learn about fast loans and would like to apply right away, contact Credit24 today.
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