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Why is my tax refund less than I expected?

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I submitted my return on the 6th if July, and for the last 3 days it has been balancing my accounts.
When I go to income tax accounts it shows an amount less than a third of my total tax amount. Why is this and when will I receive my full tax return?
Also separate issue, are they able to find additional tax you're owed if you didn't put those job details in due to getting a payment summary late?

Thank you for any help

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ATO Certified

Devotee

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Hi @Ohugh,

 

Thanks for your questions! While we usually try to finish processing your return within 12 business days, it can take up to 30 days if your situation is more complex or if we need to confirm information with third parties like your employer or other government departments.

 

If your myGov account shows that your return is 'In progress - Balancing account', we're making sure that there are no outstanding amounts with your tax accounts or other government departments so we can work out your total refund or liability. This stage may take a few days, especially if we have to contact other departments like Centrelink or Child Support Agency.

If you've forgotten to include income on your tax return - due to a late payment summary, for example - you'll need to tell us by requesting an amendment. You can request an amendment online using your myGov account.

 

Thanks!

2 REPLIES 2

Best answer

ATO Certified

Devotee

Replies 0

Hi @Ohugh,

 

Thanks for your questions! While we usually try to finish processing your return within 12 business days, it can take up to 30 days if your situation is more complex or if we need to confirm information with third parties like your employer or other government departments.

 

If your myGov account shows that your return is 'In progress - Balancing account', we're making sure that there are no outstanding amounts with your tax accounts or other government departments so we can work out your total refund or liability. This stage may take a few days, especially if we have to contact other departments like Centrelink or Child Support Agency.

If you've forgotten to include income on your tax return - due to a late payment summary, for example - you'll need to tell us by requesting an amendment. You can request an amendment online using your myGov account.

 

Thanks!

I'm new

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At the time, the government needed to raise a lot of money fast for the war effort. If it had simply increased tax rates and expected everyone to write the government a large check at the start of the ensuing year, there would have been popular outrage.

But by compelling employers to deduct taxes from each paycheck as prepayment, the pain of filing taxes could be turned on its head. When most people end up receiving a refund from the government when they file their taxes, it becomes an occasion on which they receive a large lump sum, a form of forced, zero-interest savings.

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