Accountability

ARE YOU ENTITLED TO A TAX REFUND?

Guy Rowlison - Thursday, October 04, 2018

It should come as no surprise that as far as leisure time activities are concerned, doing a tax return is pretty low on the list.

What should come as a surprise though is that thousands of taxpayers missing out on substantial refunds because of it.

The Australian Taxation Office has revealed that last year it identified about 200,000 people who did not lodge despite being likely to receive a refund between $500 and $5000.

It is urging people to spend the time checking — and potentially completing — this year’s tax return.

At last count, around 80 per cent of almost 10 million expected tax returns have been lodged so far - with lodgement date cut off being October 31.

Depending on the complexity, most personal tax returns are processed in around two weeks with over 80 per cent receiving a refund.

The average refund is $2500.

For more information on the ATO visit https://www.ato.gov.au/
 


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