How to Track Tax Return in Australia? Complete Guide
When tax season rolls around, Australians eagerly anticipate the possibility of a tax refund. It’s that time of the year when filing income tax returns becomes a priority. In today’s digital age, online tax returns in Australia have become the norm, convenience offered by the Australian Taxation Office’s (ATO) online services.
However, tracking the status of your tax return and ensuring accuracy can be challenging. That’s where tax accountants in Perth, including the best tax accountants in the region (Tax Accounting Australia), come into play.
If you’ve recently filed your tax return in Australia and are eagerly awaiting your tax refund, it’s natural to wonder about the status of your submission. In this article, we’ll explore how to track your tax return and why hiring a personal tax accountant in Perth or an accounting firm can be the key to a stress-free tax season.
Tracking Your Tax Return Progress:
During the tax-filing season, many Australians desperately anticipate their tax refunds, which can often be significant and vital for individuals and families. People are keen to determine the exact amount they’ll receive shortly after completing their tax filings. So, how can you track your tax return in Australia?
Whether you choose to file your tax return online or seek assistance from tax accountants in Perth, tracking your tax return’s progress is crucial. ATO online services make it convenient to do so, ensuring that you stay informed throughout the process. Hiring the best tax accountant in Perth or a personal tax accountant near you can simplify the process further, providing expertise and peace of mind during tax season. Don’t let tax return worries overwhelm you; explore your options.
How to Track Tax Return in Australia?
The most efficient method to ascertain the status of your return is by utilizing the Australian Taxation Office’s (ATO) online services. Here’s how you can do it:
Online using ATO Online Services:
Link your ATO account to your myGov account to check the status of your tax return or any amendments.
To check your tax return’s progress:
- Log in to myGov.
- Select ATO from your linked services.
- On the home page, click on “Manage tax returns.”
- Then, select the income year you wish to review.
- The status will indicate how your tax return is progressing.
Check the Progress in the ATO App:
- Log in to the ATO app.
- Select “Your tax return for 2022–23.”
- The status will be visible within the app, and you can access more information by selecting the ‘?’ icon in the top right-hand corner.
Check with Your Registered Tax Agent:
If you’ve filed through a registered tax agent, either you or your agent can track the progress of your tax return by signing in to ATO online services.
Tax Return Statuses:
When you use online services to track your tax return, you may encounter various statuses (not all tax returns will display all of these):
In progress – Processing: This status may appear at two processing stages, indicating that the ATO has received your tax return and begun processing it or that the ATO has finalized your tax return and is issuing a notice of assessment.
In progress – Information pending: This status indicates that the ATO is gathering additional information to complete processing. They will contact you if they need more information.
In progress – Under review: The ATO will manually review your tax return to ensure accuracy before finalizing it, which may include reviewing prior year returns. They will contact you if require more information.
In progress – Balancing account: The ATO reconciles the results of your tax return with your accounts and those of other Australian Government agencies, determining refunds or payments.
Extra processing time is required: If more time is needed to process your tax return, the ATO will notify you.
Processed: Your tax return has been successfully processed, and you can check the estimated assessment issue date.
Issued – Outcome: The ATO has processed your tax return, and you can view your refund or tax debt. If you owe taxes, you can find the due date for payment by selecting the “Notice of assessment” link.
A “cancelled transaction” on your income tax account does not necessarily mean your return has stopped processing; it may be on hold for review. Do not attempt to resubmit your tax return during this period, and allow up to 12 business days for electronically lodged returns for final process.
Email and SMS Communications:
The ATO may send you emails or SMS notifications regarding delayed tax returns or refunds, but they will never ask for personal information, such as your tax file number, through these messages.
Reasons for Processing Delays:
While most online tax returns process within two weeks, delays can occur for various reasons, such as:
- Reattempting to lodge a tax return after a previous submission.
- Making amendments before the original return or prior amendments are processed.
- Submitting tax returns for multiple years simultaneously.
- Being under insolvency administration, like bankruptcy or debt arrangements (ensure your insolvency practitioner informs the ATO of your situation before filing).
- Providing outdated Australian financial institution account details in your tax return.
- Needing to verify information with your employer, financial institutions, private health insurers, or other government agencies.
- Owing tax debt or having unresolved tax debt.
- Having a tax debt previously placed on hold (known as a re-raised or non-pursued debt).
If your tax return experiences delays, the ATO will reach out for additional information or if ongoing delays anticipate. Manual processing for online submissions generally takes up to 30 calendar days, and this timeframe cannot be expedited via phone contact. However, if you face financial difficulties or serious hardship, you may be eligible for priority processing, provided you provide evidence of your hardship.
After processing your tax return, the ATO will issue a notice of assessment, indicating whether you will receive a refund or have a tax debt to pay. Additionally, you will receive a tax receipt detailing how your taxes allocate to government expenditure categories.
Notice of Assessment Delivery:
If your ATO account link to your myGov account, your notice of assessment and tax receipt will be sent to your myGov Inbox, with email or SMS notifications informing you of new mail. For paper-filers, your notice of assessment and tax receipt will send to the postal address the ATO has on file for you.
Amending Your Tax Return:
If you need to amend your tax return, you should wait until you receive notification that your original return or any prior amendments have been processed. It’s essential to have your most recent notice of assessment before making any amendments, as this can expedite the process.
Online amendments are typically processed within four weeks, while written amendments may take up to 10 weeks. You have a two-year window to amend your details from the date of lodging your original tax return.
Finalizing Your Total Assessable Income:
Before you can lodge your tax return, you must finalize your total assessable income for the financial year. Your employer will report your final PAYG and superannuation details to the ATO. Employers have until July 14th to finalize these details and provide you with an income statement. If you have multiple employers, you may receive both an income statement and a payment summary. Other entities like banks, health funds, and government agencies have until July 31st to finalize their details.
Your tax agent can access your income statement or payment summary information and let you know if they have all the necessary details to claim your deductions and file your tax return. Being “Tax Ready” is crucial for your tax agent to efficiently process your return. Do not use any information that is not marked as “Tax ready,” as your employer may finalize your income statement with different amounts, necessitating an amendment to your tax return.
If, after July 31st, your income statement is still not mark as “Tax ready,” you should contact your employer to inquire about the expected finalization date.
Consulting with a Tax Agent:
Consult with a tax agent to streamline your tax return process, ensure your return is in process without delays, and enjoy peace of mind. They can also directly liaise with the ATO on your behalf in case of delays or issues.
How Tax Accounting Australia Is Suitable For You?
While online tax return help is readily available, many individuals prefer to hire tax accountants in Perth to manage their tax returns, whether personal or business-related. The expertise and guidance provided by a personal tax accountant near you can be invaluable like from Tax Accounting Australia.
Here’s why “Tax Accounting Australia” is suitable:
- Tax accountants are well-versed in tax laws and regulations, ensuring that your tax return is accurate and compliant.
- They can help you identify deductions you might have missed, potentially increasing your tax refund.
- Tax accountants streamline the tax filing process, saving you time and reducing the risk of errors.
- They can provide valuable tax planning advice to minimize your tax liability in future years.
- With a tax accountant in Perth, you can have confidence that your tax return is in capable hands.
Paying taxes is essential for a country’s overall development, and the ATO continually strives to simplify the process for taxpayers, including offering the “track your tax return” service.
The taxation system is a vital part of Australia’s social and economic infrastructure. Timely tax payments are crucial, and keeping track of your tax return is equally important. You can monitor returns independently and online.
After your application is processed, the ATO will send you a Notice of Assessment confirming your lodgment and any outstanding payments.
If you are eligible for a tax refund, it will be deposited directly into your bank account. Keeping track of tax returns is not overly complicated. But if you encounter difficulties, tax return advisers are available to assist you.
The ATO provides various services, including workshops and webinars, to help you understand and comply with tax laws. You can enroll in these services online or by contacting the ATO.
Additionally, you can seek guidance from a registered tax or BAS agent. Registered agents are tax professionals who can legally charge you a fee for their services.
Submitting income tax returns online through ATO online services has revolutionized the way Australians handle their taxes. This method allows for faster processing and tracking of tax returns. However, it’s essential to know how to track your tax return’s status to ensure everything is on the right track.
Note on Tax Scams:
A crucial tax tip to keep in mind is that if you have reached out to the ATO regarding your delayed tax return, you may receive an email or SMS. This notification explaining the delay or providing an estimated refund date. Importantly, the ATO will NEVER request personal information, such as your bank details or Tax File Number (TFN), through SMS or email. Beware of potential tax scams during tax season. It’s advisable to communicate with a reputable tax agent to avoid falling victim to scams.
In most cases, documents submit to the ATO online, including tax returns, credit refunds, and non-lodgment advice, are typically processed within 10 business days. Paper forms, however, may take up to 50 business days (approximately 10 weeks) to process. Some tax returns that require manual verification may take even longer.
The most efficient way to track the progress of your tax return is to contact your Tax Accountant. They can liaise with the ATO on your behalf and provide updates on the status of your tax return. You can inquire about tax returns for the current year and previous financial years as well.