As an Australian national, you are obliged to lodge your tax returns after each financial year, but if your paid tax is more than the actual tax deducted from your tax return, then you will get the money back as a tax refund. The Australian government is obliged to pay the money under the tax refund law. If you want to know more about tax refund and how to get back your money without much hassle, then read the article below.
What is Tax Refund?
If you are a regular tax payer and file your tax returns regularly, then the government will go through your documents to check whether they owe you any money or not. During this process, your tax liability is calculated according to your financial statement which you provided as your tax return. If the total sum of your tax liability is lesser than the tax you paid earlier, then the state will return that money.
If you are an Australian citizen who filed for the tax return online, then it will take at least 12 business days to calculate your refund.
However, if you submitted the form directly to the taxation office, then the whole process will be a bit tardy. In most cases, it takes 50 days if you filed the tax return in the taxation office. Don’t worry about the refund. Just relax and read your favorite book in the meantime and the refund will be sent directly to your bank account within a short period of time. The last month of each financial year is the ideal time to get your tax refund.
Are you eligible for the tax refund?
Book lovers are often oblivious about the world when they are reading a particularly good book. And if you are a tax paying Australian and filed your tax return for the previous financial year, then the ATO (Australian Taxation Office) will thoroughly verify your records for tax refund. If you don’t have any non-refundable tax credits, then you are eligible for the tax refund. However, if you have partially refundable credits, then you will only get forty percent of that as a refund. You will either get it as cash or as a refundable credit for the next financial year.
Tax refund and tax return is not the same thing:
It’s very normal for book lovers to get confused between tax refund and tax return. You need to submit your tax return to get the tax refund at the end of the financial year. No tax refund will be issued unless you provide proper information on your tax return. And without assessing your tax return, the government won’t refund your money. So, it’s very crucial to file for your tax returns properly within the right period of time.
People tend to get very confused about the whole process of tax refund. If you want to minimize your payable tax, then hire an agency that deals with tax refunds all the time. Taxreturn247 is one of those agencies that will help you provide proper information in your return and get your tax refund without any hassle.