Our service standard for processing activity statements, (BAS) that're lodged on-line is 12 business days. To help us get your refund to you as soon as possible please make sure your bank account details are up to date. Keep in mind if you've a debt with us, your refund will be used to offset the debt.
Online activity statements are generally available one week after the activity statement generate date. It may take up to 3 weeks to receive your activity statements if sent by post.
The finalised status means we've finished process your activity statement. Our service standard for these lodgements is 14 days, which includes any refunds issuing. Since yours is saying finalised now, hopefully your refund will issue shortly.
Payments can take up to 4 business days from the day you make the payment, to be received by us and to appear on your ATO account. If you mail a cheque or money order to us, you will need to take into account postal service delivery times .
Etax expects that most refunds will be out within 10 working days after lodgement of your tax return, but some people will wait a bit longer for the ATO to get it done.
The "balancing account" stage indicates that we are calculating your refund or bill based on your account balance. As this is a public forum we can't say for sure how long your return will take to finalise, however it can sometimes take a week or so for us to review your account.
ATO sends you a Notice of Assessment and pays your tax refund. You typically receive this within 2-3 weeks if there are no issues identified with the return, but it can take up to 30 days depending on ATO processing times. You will receive your refund via direct deposit.
We process most electronically-lodged tax returns within 12 business days and strive to maintain our service commitment. However, longer than standard processing times occur when: we need to cross-check data with other government agencies (including Services Australia – Centrelink and Child Support)
The process date is the date that we processed a transaction. The effective date is the date we use for the calculation of general interest charge and other penalties or interest.
The finalised status of your activity statements means that the lodgement is finalised. There is still processes that happen in the background before anything can be refunded.
If your revision increases the tax you owe or reduces your credit, we generally treat your revised activity statement as a voluntary disclosure. This means you're likely to receive concessional treatment for any penalties and interest charges that apply.
The effective date for your activity statement just indicates when the outcome of the lodgement is effective from. This is generally the due date of the activity statement. If you go into your activity statement account to view the specific transactions you should be able to see a refund transaction.
pay as you go (PAYG) instalments. PAYG withholding tax. Can you lodge BAS early? Activity statements can be generated early in the following cases: if you are going to be absent from your place of business before the end of the reporting period and the business will not be trading during that period.
Monthly reporting
The due date to lodge and pay your monthly BAS is the 21st day of the month following the end of the taxable period. For example, a July monthly BAS is due on 21 August. If your GST turnover is $20 million or more, you must report and pay GST monthly and lodge your activity statements online.
Your Income tax account is the account your tax returns are lodged and maintained on. An activity statement account is used to maintain business roles such as GST for example.
Most refunds will be issued in less than 21 days. You can start checking the status of your refund within 24 hours after you have e-filed your return. Refund information is updated on the IRS website once a day, overnight. Remember, the fastest way to get your refund is to e-file and choose direct deposit.
Most refunds for paper tax returns are processed within 10 weeks.
What does balancing account mean? The balancing account stage is where we balance the result of your return with your accounts with us, along with other Australian Government agencies. This stage is also where any refund to you is calculated.
Your Australian bank account statements are accessible to the ATO. The ATO is endowed with extensive legal authority, which allows it to access your personal bank information. Because of these capabilities, the ATO is able to get your Australian bank statements straight from your financial institution.
The ATO can, and will, check your bank accounts, cross reference payments against an ABN and confirm missing income from your tax return.
(1) Return Received, (2) Refund Approved, and (3) Refund Sent. Where's My Refund? is updated no more than once every 24 hours, usually overnight, so you don't need to check the status more often. The IRS issues more than 9 out of 10 refunds in less than 21 days.
Under the Stage 3 tax changes from 1 July 2024, as previously legislated, the 32.5% marginal tax rate will be cut to 30% for one big tax bracket between $45,000 and $200,000. This will more closely align the middle tax bracket of the personal income tax system with corporate tax rates.
Stage 3: You provided evidence to demonstrate that a tax control framework exists, has been designed effectively and is operating effectively in practice. This is the highest rating for tax governance.