Most online returns process within 2 weeks (14 days), however if we need to manually process it, it may take up to 30 calendar days.
Normally we aim to process most returns in about 2 weeks. That can vary a little depending on how complex the return is or whether anything needs to be doubled checked.
What is the processing time for Government EasyPay? Payments take approximately 24-48 hours to be credited to your ATO customer account. Payments made after 6.00pm (AEST), or on weekends or public holidays will be processed the next business day.
Generally speaking, the effective date is the date the transaction takes effect on the account and the refund is then transferred to your account. It may depend of processing timeframes from your bank on how long it will take to appear in your account - usually it would be a day or two after the effective date.
We do our best to process tax returns within two weeks, but there are reasons why it may take longer – for example, if: We need to check information in your return. We may need to contact payers, financial institutions, private health insurers or you to confirm or cross-check information in your return.
The fastest option is to e-file your return and to receive your refund via direct deposit. For 2021 taxes, which you will file in 2022, the majority of taxpayers who choose this option will receive their refunds within 21 days.
Allow at least five working days for processing of the direct debit request form. Tax agents can transmit payment details up to three working days before the due date once the direct debit request has been processed.
Usually, you'll have access to your direct deposit at the opening of business on your payday — by 9 a.m. In many cases, direct deposits hit accounts even earlier, often between midnight and 6 a.m. on payday morning.
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 average yearly salary in Australia is 90,800 AUD (USD 60,355). Let's go through a few key indicators of the average earnings in Australia so you can fully understand salary statistics and trends in the country.
In other words, a good salary in Australia is anything between $90,000 and $108,000 a year or $7,500 to $9,000 a month. The median income is $72,000 a year, which is a good reference point as to how much you should be earning.
According to the Australian Bureau of Statistics, the median salary in Australia in August 2022 was $65,000. So out of over 14 million people employed in Australia, this is what we'd call a “typical” salary.
All of the tax you paid during the year is refunded to you. However, once you start earning a little more and your income moves above the tax free threshold, you'll no longer get all of your tax back on your return. The same thing applies if you get a promotion or a new job that earns more money.
You can apply for your refund for free online at www.ato.gov.au, however it can be extremely confusing! We suggest using a Tax Agent specialising in tax return for seasonal workers if you feel need some help. If you leave Australia permanently before 30 June, you can lodge your tax return early.
You can request a refund of your credit balance in ATO Online services for business by selecting Accounts and payments > Refund request. Once you request the refund, the service standard is 28 calendar days for processing time.
A cash deposit of more than $10,000 into your bank account requires special handling. The IRS requires banks and businesses to file Form 8300, the Currency Transaction Report, if they receive cash payments over $10,000. Depositing more than $10,000 will not result in immediate questioning from authorities, however.
If you make a transfer before 6pm (AEST/AEDT) on a business day, the payee will usually get the funds the following business day. If it's after 6pm (AEST/AEDT) or on a weekend or public holiday they'll get the funds within two business days.
Do banks process payments on weekends? Weekends are generally non-business days for banks. Payments received on weekends are generally processed on the next business day, Monday, unless it's a federal holiday.
Credit card refunds are issued back to your credit card account—you typically can't receive your refund in other forms of payment such as cash. Refunds on credit card purchases usually take 7 days. Credit card refund times vary by merchant and bank, with some taking a few days and others taking a few months.
Tax payments requested before 6.00pm Melbourne time on a bank business day will be processed to your account on the same day. Transfers requested after this time may be processed on the next bank business day.
Request an expedited refund by calling the IRS at 800-829-1040 (TTY/TDD 800-829-4059). Request a manual refund expedited to you.
Secondly, the banks have a vested interest in keeping your money with them for as long as it is legally possible as they make interest off of that money. That is part of the reason why the bank charges your account immediately while delaying the refund to your account.
$100,000/year is above an average salary and if you're frugal enough, on $100,000/year, you should be able to live a good life and save some money too. Usually if you consider living in desirable locations of cities like Melbourne and Sydney, most of your income will be consumed in the house rents.