How Long Does It Take to Get My Tax Refund?
Posted by Tax Advisor on 25 June, 2014
It’s time to lodge your 2015 taxes. Although you’re most likely not thrilled about the lodgement process, there’s something to be excited for- the tax refund you’ll (eventually) receive!
Compare lodging your taxes to running a race- the actual race itself can be exhausting but with your mind focused on crossing the finish line, it’s easier to move forward.
While waiting for your refund to be processed and deposited into your account, have patience. If you find yourself waiting longer than expected for your refund, there could be a reason why.
In order to receive a refund, you must lodge!
Hopefully you already know that you’ll need to lodge your taxes in order to receive a tax refund.
Not only that, but if you owe the ATO, don’t expect to see a refund. Instead, you’ll have a tax liability meaning you’ll end up writing a check to the ATO rather than receiving one.
Even among those expecting to receive a tax refund, many dread preparing their taxes because of the “lengthy process ” involved. Don’t fall victim to the same mentality. Thanks to online tax services such as E-Lodge. there’s no sort of “lengthy process ” involved.
In fact, you can lodge your 2015 taxes from the comfort of your own home and within 15 minutes you’ll be able to view the total of your tax refund.
Does it Cost Anything to Have My Refund Deposited into my Account?
Once you’ve realized how easy it is to enter your tax information on on E-Lodge, you’ll be able to submit your tax return after you’ve provided your banking information. When doing so, you’ll be able to receive your tax refund in one of three ways;
- Australian Bank Account: Entering your BSB and account number will allow your tax refund to be directly deposited in the bank account of your choice without paying an additional fee.
- Foreign Bank Account. You can even have your refund deposited into a foreign bank account on E-Lodge. There’s an additional fee of $39.95 for this service.
- Australian or Foreign Bank Account via Fee From Refund . There is a fee of $19.95 if you opt to
have your tax preparation fees deducted from your tax refund. That means, once your refund it processed and before it’s deposited into your banking account, we’ll first deduct the cost of your tax return preparation.
To take advantage of this, you’ll select the E-Lodge fee from refund option while checking out. By doing so, you won’t have to waste time entering your credit card information.
Are There Reasons Why It May Take Longer than 10-14 days to Receive My Refund?
Once you’ve lodged your tax return, the only thing left to do is wait for your refund. The ATO generally takes 10-14 days to process a tax refund. However, for some this process could take longer. Here’s a few reasons why a refund could take longer than expected to process ;
- If you’re lodging previous year tax returns at the same time as your current year return
- If you forgot to enter or mistakenly entered the wrong information such as your date of birth, your bank account information, etc.
- If your return needs to be further checked by the ATO. This could be the tax if;
- the ATO needs more information or data checked with the Dep’t of Human Services
- the ATO notices potential errors (like overstated claims)
- you have insolvency-related obligations
Can I Track the Whereabouts of My Tax Refund?
Whether or not your refund is taking longer than expected, you might want to track the progress of your refund by using the ATO’s Progress of Return tool. The tool will help you better understand the whereabouts of your refund and when you can expect to see it in your banking account.
Keep in mind- the sooner you lodge, the sooner you’ll receive your tax refund!
Now, are you ready to run? An even better question- are you ready to cross the finish line?
Lace up your sneakers and lodge your 2015 tax return today with E-Lodge. We’re here to coach you along so that you’ll receive the maximum refund possible. To see what our current customers have to say about their experience with us, click HERE .
24/6/2014 Photo via rzernitsky on FlickrSource: www.elodge.com.au