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Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
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I haven't received my tax refund yet

Newbie

Views 774

Replies 1

Hi,

 

I lodged my Tax Refund electronically on the 13th of July 2020 and it has been a week now but I have not recieved a refund yet.

Every time I log into my gov to check the progress I see "Balancing Account" what does it mean? Is this going to take long for the ATO to finalise it? Or does ATO need more information from me? 

I know they say it generally takes 2 weeks but it's just that I see some of my co-workers have lodged theirs at the same time as me but got processed fast and the refund is aleady in their bank account. I'm just curious. 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Champion

Replies 0

Hi @Alivel,

 

When the status of your return shows as 'balancing account', this means that we are balancing the result of your tax return against your accounts with us and other Australian Government agencies. These checks may not have been required on your co-worker's income tax returns.
However, in saying that, your tax return appears to be processing as normal and you should expect the return to be processed by the 27th of July or possibly earlier.

For future progress of return questions, we also have a 'Where's my Return?' thread which covers alot of these enquires.  
Hope this helps!

 

 

1 REPLY 1

Most helpful response

Champion

Replies 0

Hi @Alivel,

 

When the status of your return shows as 'balancing account', this means that we are balancing the result of your tax return against your accounts with us and other Australian Government agencies. These checks may not have been required on your co-worker's income tax returns.
However, in saying that, your tax return appears to be processing as normal and you should expect the return to be processed by the 27th of July or possibly earlier.

For future progress of return questions, we also have a 'Where's my Return?' thread which covers alot of these enquires.  
Hope this helps!