Many of us overpay tax throughout the year. The good news is, if you complete your tax returns and lodge them on time, your local tax office will issue you with a notice of assessment. This will let you know if you are entitled to a refund for the year in question or if you have a debt of tax to pay.visit her latest post at http://www.allmomshops.com/bankruptcy-and-tax-refunds-5-things-to-know/
How long does it take?
If you filed your tax returns online your assessment notice will be sent to your inbox, you will receive an email or SMS to inform you that is has been sent so you don’t miss it. Realistically, most tax refunds are issued within 12-14 business days, if you lodged your return online. For paper tax returns your tax refunds can take up to 50 business days. Enclose your bank account details when you first file your tax return, this can speed up the process as any refunds will be paid directly into your bank account, there is no need to wait for a check and no delays while it clears in your bank.
What if it is delayed?
Occasionally delays do occur, this could be for a variety of reasons. Some of the most common being:
• You have previously lodged tax returns either on their own or for the current year.
In this case it will take the tax authorities longer to verify as they will have to check all of your returns to ensure they are correct.
• If you currently have an outstanding debt with the tax authorities, you may not receive your tax refund – it may be used to offset any outstanding debts.read more information straight from the source.
• You have a debt with another government agency for example child support – the tax authorities will check the information and if there is an outstanding debt, your tax refund could be used to settle this debt.
What if I made a mistake when I filled out my tax return?
The beauty of filing your tax returns online is that you have the option to log into your account and amend it by using your username and dedicated password. The speed of requesting your amendment online depends on how you originally lodged your return. If you lodged directly via the tax authority website, you can usually log in and correct any errors straight away. If you filed your tax returns via a tax agent such as Taxreturn247.com.au you still should be able to amend your forms online within a few days of lodging.
If you don’t have access to a computer or your tax returns were filed using the paper method, you can write to your tax authority and request an amendment of income tax return form. Once received, complete and fax or post to the relevant authority with any attachment requirements. You will need to explain clearly why the error was made on your original tax return and the reason you would like to amendment to take place. The authorities will assess your claim and hopefully your tax refund will be on the way to you shortly afterwards.