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Balancing account and exceptional circumstances

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Newbie

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Replies 3

Hi there,
My accountant lodged my returns on 6/7/2020, it said processing and has now been at balancing account since Friday 10/7. We are under contract for a house purchase and to finalise our finance clause due in a couple of days the bank requires my notice of assessment- can anyone tell me how much longer balancing could take and if I can get it sped up due to our purchase please as I have read that people under financial hardship can get things sped up so wondered if this circumstance could also be considered?
Thanks
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Most helpful response

Community Support

Replies 2

Hi @bigblue

 

Congratulations on the house!

 

If you have noticed the status of your return change, don't worry this is quite normal and part of processing. When it says balancing that means we are balancing the result of your return with your accounts with us and other Australian Government agencies. We are doing this so that we can calculate the amount we will refund or the amount you need to pay. If we need more information we will contact you. The service standard for tax returns lodged online is 12 business days, as you lodged on the 6 July 2020 the service standard is not yet been met.

 

If you're facing financial difficulties and serious hardship you may be eligible for priority processing of your tax return. An individual is considered to be in serious hardship when you are unable to provide the things such as food, accommodation or medical treatment to yourself or family. Please have a read carefully to what is considered to be a person in serious hardship as well as what is considered a person with financial difficulties.

 

Hope this helps!

3 REPLIES 3
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Most helpful response

Community Support

Replies 2

Hi @bigblue

 

Congratulations on the house!

 

If you have noticed the status of your return change, don't worry this is quite normal and part of processing. When it says balancing that means we are balancing the result of your return with your accounts with us and other Australian Government agencies. We are doing this so that we can calculate the amount we will refund or the amount you need to pay. If we need more information we will contact you. The service standard for tax returns lodged online is 12 business days, as you lodged on the 6 July 2020 the service standard is not yet been met.

 

If you're facing financial difficulties and serious hardship you may be eligible for priority processing of your tax return. An individual is considered to be in serious hardship when you are unable to provide the things such as food, accommodation or medical treatment to yourself or family. Please have a read carefully to what is considered to be a person in serious hardship as well as what is considered a person with financial difficulties.

 

Hope this helps!

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Newbie

Replies 1

Thank you... much appreciated.
This morning it is now showing processing- does that mean you have the notice of assessment and I can get the outcome? Or how much longer do you think it will be?
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Community Manager

Replies 0

Hi @bigblue 

 

Yes, that could mean that we've finalised your return and we're issuing a notice of assessment. 

 

We also have a thread dedicated to discussions around the processing of 20202 tax returns - Tax time 2020 - where's my return?