Tracking Your Tax Refund and Correcting an Error

Tracking Your Refund

 

Once you have successfully lodged your taxes, you can track the progress of your refund easily online or through the ATO's app. If you're not sure how to do this, the EtaxPlus staff would be glad to help you.  You can track your refund status 24 hours a day, 7 days a week, and this will give you a very good estimate of when your refund will be in your account. If you lodged your taxes electronically, you could expect a two-week window for turnaround time. If you lodged your taxes in paper form, you could expect a 10-week turnaround because each paper return is processed manually. If this is going to cause you a lot of problems or put you in a financial hardship, you can request priority refund processing.

 

Notifications That Will Be Used to Track Your Refund and What They Mean

 

As soon as you lodge your taxes and they are successfully submitted, you can begin to track them in real time. The ATO does the tracking in stages, and you'll be able to follow each stage until they deposit your refund into your preferred account. The stages are listed below.

  • Stage 1: In Progress/Processing. The ATO has successfully received your taxes, and they have started processing them.
  • Stage 2: In Progress/Information Pending. The ATO is gathering all of the necessary information to complete your return. They will contact you if they need any additional information.
  • Stage 3: In Progress/Under Review. The ATO is reviewing your taxes. They may be looking back at prior years, and they will be in touch with you if they need further information.
  • Stage 4: In Progress/Balancing Account. The ATO is balancing your tax results against your return and calculating either your refund amount or the amount you will owe.
  • Stage 5: In Progress/Processing. The ATO is creating a notice of assessment for you. This will include and refund associated with the return, along with the date of issue .
  • Stage 6: Issued/Refund Amount. The ATO delivered you a notice of assessment. The refund amount along with the date it the ATO issued it will show online .

 

The Process of Amending Your Tax Returns or Fixing an Error

 

If you have already submitted your taxes, and you notice a mistake, you want to fix this quickly, so there are no large consequences. At EtaxPlus, our staff excels at correcting any mistakes you may have made. The easiest way to amend your tax return quickly is to request an online amendment. An online amendment usually has a 20 day processing turnaround time, and this is your best option. You'll need an account at myGOV that is connected to the ATO so you can easily pull your information over. Once you log in, you go and find your error and overwrite it. While you're in the file, you can also remove or add relevant information at this time. Once everything is corrected, you click the calculate button, and the ATO will automatically show you your new balance. You can do this all without any more supporting documents .

If you want to submit a tax amendment request in writing, this has a 50-day processing turnaround time. You can use the amendment form for an easier option, or you can simply write out a letter that includes your address, full name, current phone number, tax file number, the year you want to be amended, and the reason you're amending it. Be very clear why you're correcting your taxes, because the ATO is more likely to reduce any fines if you're honest with them. You end the letter by declaring that all of your information is current and correct and that you have supplied the necessary documents. Finally, mail it in and wait for the ATO to contact you if they need more information .

If you find that you made a mistake on your taxes, it can be a stressful time. It is always a good idea to contact a professional tax agent and go over your taxes with them. This way, you'll be sure that everything is correct, and you won't spend time worrying. You'll be able to enjoy your refund every year.