I have received my Notice of Assessment as date effective of 9/08/23 but i still have not received my tax refund - how long until i receive it to my nominated account? It also states on my Tax Income Summary 551 it has refund amount (DR) - what does this mean?
Hi @KDCHR
If you're looking on your ATO Online Services under Tax > Accounts > Tax Accounts > Income Tax.
And you're seeing an EFT Refund transaction under description, this is usually a good sign that your return has been finalised.
The effective date will be the sign of when the refund will issue. If that’s the 9/8/23 check your bank account to see if the refund is there. It shouldn't be far if not, it all depends on your banks processing times.
Hi @KDCHR
If you're looking on your ATO Online Services under Tax > Accounts > Tax Accounts > Income Tax.
And you're seeing an EFT Refund transaction under description, this is usually a good sign that your return has been finalised.
The effective date will be the sign of when the refund will issue. If that’s the 9/8/23 check your bank account to see if the refund is there. It shouldn't be far if not, it all depends on your banks processing times.
It says "EFT refund for Income Tax for the period from 01 Jul 22 to 30 Jun 23" (Refund amount) DR, and not CR does this mean i had to pay money??
Hi @KDCHR,
Check out what's on your notice of assessment you'll see a section where it tells you if you're going to receive a refund or will have a debt to pay.
If in your myGov account it says the amount of let's say $3,200 CR, this means there's a credit of this amount in your account. Once we issue you're refund you'll see EFT refund for Income Tax for the period from 01 Jul 22 to 30 Jun 23 DR for debit, it means we've sent money to your account.
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