There is a popular saying that the only sure thing in life is death and taxes. Tax season doesn’t have to be gloomy.
You can expect tax refunds that you can use in fun or sensible ways. If no refund is expected or if it is less than expected, it would be better not to owe additional taxes.
You might be wondering: will you get a good refund or will you get a tax bill from the Australian Taxation Office (ATO)? The answer is simple: if you pay more tax than necessary, the extra amount will be refunded to you. If you haven’t paid enough tax, you may receive a tax bill.
This article explains how you can check the status of your tax return, what happens after your tax return is processed, and explores ways to maximize your refund in the future.
Once your tax return has been processed, the ATO will send you a Notice of Assessment. This will tell you if you will receive a refund or if you have a tax debt to pay. More specifically, it will specify:
- The tax you owe on your taxable income.
- Any credit you have for tax already paid in the income year.
- The amounts of taxes that you must pay or that you will receive in reimbursement.
The government will issue you a tax receipt showing how it spent your taxes.
There are several ways to check the status of your tax return, with options for those who prefer to be offline. They are:
- online with myGov
- using the ATO app
- by telephone (have your tax file number on hand)
- with your registered tax agent
If you check the status of your return using the ATO website or app, there are several status options available.
- In Progress – Processing
This means that the ATO has received the return and has started processing it. Or it means they have finished processing it and will issue a Notice of Assessment. The estimated valuation date can be viewed by clicking the down arrow.
- Ongoing – Information pending
They collect information to help them finish processing your tax return and will contact you if they need more information.
- Ongoing – Under review
The ATO reviews your tax return by hand to make sure everything is correct before it is finalized. They may need to verify your statements from the previous year and contact you if more information is needed.
- In Progress – Balancing Account
They balance the result of your tax return with the accounts you have with them and with other Australian government agencies. They also calculate the amount you will be refunded or have to pay. They will contact you if more information is needed.
- Issued – Amount in $
You will be able to see your notice of assessment online, the date of payment and if you are entitled to a refund.
The ATO will pay your refund directly to your designated bank account if you provided valid Australian bank details when depositing.
Every Australian can follow several simple steps to get a bigger tax refund.
- Claim all the tax deductions you are entitled to: to do this, you can only claim the items for which you have receipts; that are related to your work; and that your employer has not already reimbursed you.
- Keep your receipts! Keep them in a shoebox or folder, or use an app on your phone. Just be sure to save them!
- Include donations to Charity: Small donations are often overlooked when depositing. Small contributions over a year can add up at tax time. Keep 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-time cost-of-living tax offset for those who need it most.
If your tax refund wasn’t as large as you hoped, or you received a tax bill that you weren’t expecting, don’t despair. You have options. If you want learn more about fast loans and want to apply immediately, contact Credit24 today.
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