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A refund showing as a Debit

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Enthusiast

Views 143

Replies 4

Hi there,
My tax bill arrived and was taken out of my online tax account. which is fine. it was the amount showing on my tax return.
However, a few days later a much larger amount was taken out.
The description is 'EFT refund for Income Tax for the period from 01 Jul 19 to 30 Jun 20'.
So instead of it being a refund as stated in the decription, the large amount was taken out. Also I recieved a text saying my refund was being processed only a few days before this.
I've put quite a bit into my tax account to give me peace of mind during these unknown times. but now it's gone almost to zero balance!
I Hope you have some suggestions, it looks like a mistake to me.

1 ACCEPTED SOLUTION

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Most helpful response

Community Support

Replies 3

Thank you for posting @pm2

 

If you believe your assessment is wrong please check all details on your notice of assessment with the details of your tax return. If you think there is a problem, please contact us. You will need your notice of assessment and, if possible a copy of your tax return with you.

 

All the best!

4 REPLIES 4
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Most helpful response

Community Support

Replies 3

Thank you for posting @pm2

 

If you believe your assessment is wrong please check all details on your notice of assessment with the details of your tax return. If you think there is a problem, please contact us. You will need your notice of assessment and, if possible a copy of your tax return with you.

 

All the best!

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Enthusiast

Replies 0

Thanks for reply, I've sent the information to my tax agent. However I may try and contact ATO as well, it's a lot of money to be taken out considering I've already paid my tax bill for 2019/20
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Enthusiast

Replies 1

I looked into it further,
Apprently as my online tax account was in credit. The money will be sent back to me.
This is my first year using the online tax account so I did wonder where all my money went.
The money should appear in my bank account the next few days hopefully 

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Community Support

Replies 0

Hi @pm2

 

Generally you'll tax return credit will initially show as a credit in your account. When we initiate the refund to your bank account by Electronic funds transfer (EFT) the transaction will show as a debit in your tax return account and the effective date is usually the date you can expect it in your bank.

 

Hope that helps.

 

Thanks, Ari