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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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Re: Balancing Account

I'm new

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Replies 1

Hello, I lodged my tax return on the 1st of July via MyTax on the ATO/MyGov website. It has now been 4 weeks and my return still hasn’t been completed. It’s said In Progress - Balancing account for 3 weeks now.

I have very simple tax affairs, just income from my job, and basic work deductions.

Is there a reason this would be taking so long?
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee Registered Tax Practitioner

Replies 0

@JakeV 

 

Numerous checks may be undertaken by the ATO.

 

An Employer has until 28 July to finalise the FY20 Payroll.

Financial Information from Banks, ASX Companies may also not be unavailable to the ATO.

 

Some Tax Accountants will not process Tax Returns in July (and even August).

I prefer to wait until early September.

 

Duncan 

1 REPLY 1

Most helpful response

Devotee Registered Tax Practitioner

Replies 0

@JakeV 

 

Numerous checks may be undertaken by the ATO.

 

An Employer has until 28 July to finalise the FY20 Payroll.

Financial Information from Banks, ASX Companies may also not be unavailable to the ATO.

 

Some Tax Accountants will not process Tax Returns in July (and even August).

I prefer to wait until early September.

 

Duncan