Waiting for your tax refund to show in your bank account can be an overwhelming experience, especially if it takes longer than expected. The Australian Taxation Office (ATO) is responsible for processing several tax returns each year, and various factors affect the timing of your tax refund. Now, the question arises: how long does it take for a tax refund to arrive in your bank account? Let’s find out!
How to monitor the progress of your tax return?
One of the easiest and fastest ways to track the progress of your tax return is by using ATO’s self-help services. Most online tax returns are typically processed within 10 business days (2 weeks). However, if manual processing by the ATO is required, it might take up to 30 calendar days. Paper returns can take up to 50 business days (10 weeks) to process, and it may take up to 7 weeks for paper returns to appear in the ATO’s systems. Manual checks could extend the processing time further. If you need to amend your tax return due to a mistake or error, you must do so. You can track the progress of your return:
Online using ATO online services
If you link the ATO to your myGov account, you can track the status of your tax return or amendments using ATO online services.
By phone
You can use ATO’s self-help phone service at any time.
Using the ATO app
You can check the status of your 2023-24 tax return in the ATO app.
With your registered tax agent
If you file with a registered tax agent in Melbourne, you or your agent can track the progress of your tax refund anytime by logging into the ATO online services.
What statuses of your tax return can you see?
When you track the progress of your tax return using ATO online services, you can see one of the following statuses (not all tax returns will show all of these):
In progress – processing
This status can be displayed at 2 stages of processing
- The ATO has received your tax return and has begun processing it.
- The ATO has completed processing your tax return and will be issuing a notice of assessment.
In progress – information pending
The ATO gathers information to finalise the processing of your tax return. The ATO will get in touch with you if they need additional information.
In progress – under review
The ATO reviews your tax return to ensure everything is accurate before they finalise it. This may include checking your previous year’s returns. The ATO will get in touch with you if they need any additional information.
In progress – balancing account
The ATO is balancing the result of your tax return with your accounts with them and other Australian Government agencies and making calculations for the amount that they will refund or you must pay. The ATO will get in touch with you if they need further information.
Extra processing time is needed
The ATO needs more time to complete processing your tax return. The ATO will get in touch with you if they need any additional information.
Processed
The ATO has finished processing your tax return. You can also check your estimated assessment issue date.
Issued – outcome
The ATO has processed your tax return, you can see your refund. For amounts owing, you can choose the Notice of Assessment to see the due dates for payment.
If you provided the correct and valid Australian bank account details to the ATO when you filed, they will deposit your refund directly into that account.
How do you get your ATO notice of assessment?
If you have the ATO connected to your myGov account, your NOA and tax receipt will be delivered to your myGov inbox. myGov will send an email or SMS advising that you have mail. If you file your tax return by mail, your tax receipt and paper notice of assessment will be delivered to the postal address the ATO has for you.
Conclusion
If you are applying for a tax refund, you may have to wait for some time. If you don’t know how to apply for it, you can Reliable Melbourne Accountants.