As tax season involves an in depth, the ATO has found 200,000 individuals who ought to be anticipating refunds, and but haven’t filed but. Are you one in all them?
With the October 31 deadline looming for Australians needing to file tax for the earlier monetary yr, the Australian Taxation Workplace (ATO) is asking whether or not you might be one of many many who can be receiving a refund this yr.
Whereas lodging tax is a requirement for most individuals, some attempt to keep away from taxes for worry of owing cash. Sadly, a few of these folks might not in truth owe something this yr, and should as an alternative have some cash coming to them.
With out taxes being filed, nonetheless, the federal government can’t return any cash owed, that means there are many individuals who might get one thing again from the federal government, however haven’t completed so but.
The cash at stake isn’t small, both, with tens of millions of {dollars} collectively in refunds being owed.
“Sadly, the tax workplace can’t return your cash till you lodge a tax return,” mentioned ATO Assistant Commissioner Kath Anderson.
“There are a couple of explanation why Australians may not lodge even when they’re due a refund,” she mentioned. “Some may not lodge as a result of they don’t realise they should – perhaps they’re on a low earnings or haven’t labored just lately. Others could be apprehensive about lodging as a result of they haven’t lodged for a number of years, which regularly causes them stress and nervousness.”
“The important thing factor to recollect is that the ATO is right here to assist; we wish all taxpayers to get it proper, and we are going to help them to take action.”
With one month to go, the ATO is reporting that round seven million taxpayers have lodged their tax, with virtually 4.3 million utilizing an agent, whereas simply over 2.7 million did their very own taxes utilizing the federal government’s myTax program.
Those that have been owed a refund obtain it pretty rapidly, with 98 per cent of tax refunds this yr issued inside 12 enterprise days, growing the motivation to get taxes out of the best way.
“We all know some folks postpone lodging as a result of they assume they’ll owe cash, however for self-preparers the fee is due on 21 November whether or not or not a return is lodged,” mentioned Ms Anderson.
“The ATO will assist individuals who might have difficulties paying a tax debt, and work with you to tailor a fee plan to your circumstances. Some taxpayers might even be capable to arrange a fee plan on-line relying on their circumstances,” she mentioned.
When you’re laying aside doing all your taxes, it could be time to get that completed, if solely so you’ll be able to guarantee this yr’s monetary data are sorted. If something, that refund you presumably have coming your means might be used as a means of settling any bank card debt, or anything you select.
