Warning: This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.
Tax Time is the period between 1 July and 31 October each year, during which around 60% of income tax returns are lodged with the ATO.
As we prepare for Tax Time 2012, we would like to share with you our plan for July, our service standards and some tips that can help speed up any refund that you may be expecting.
Before tax time each year our IT system is updated to take into account any legislative changes. This means our system is unavailable for a short period while we implement the changes and ensure returns are processing correctly.
The timeline below outlines the key dates in our preparation for Tax Time 2012.
2012 income tax returns can be lodged as normal between 1 July and 6 July, however please be aware that refunds are not likely to start being received until 13 July 2012.
If a tax return is lodged electronically most refunds will be issued in 12 business days or less.
We aim to process the remaining returns within 30 calendar days. Where we expect processing to take longer than 30 days we will notify you or your agent of the delay.
Individual returns lodged on paper will take longer to process, and we plan to process 80% of these within 42 calendar days.
The best way to receive your assessment back from us as quickly as possible is to double check that all information is correct before you lodge. Some common errors include:
- forgetting to include any name or address change from a previous year's return, for example in the case of marriage
- forgetting to include your date of birth
- supplying incorrect bank account details
- forgetting to include interest from a bank account, or income from a previous job, and
- putting information in the wrong part of the return
By double-checking your return before submitting, you can avoid unnecessary delays.
The fastest, most secure way to receive your refund is to have it sent directly to your bank account using electronic funds transfer, or EFT. This means any money being returned to you will be paid straight into your Australian bank account.
You just need to provide your bank account details when you lodge your tax return.
Information covering popular tax queries we receive will be available and regularly updated on our website. Visit our hot topics page on www.ato.gov.au
You can use our free online Progress of Return tool to check the status of your return. You can access this tool from the 'Online Services' box on the www.ato.gov.au homepage.
Alternatively, you can check the progress of your return by calling our automated phone service on 13 28 65 for individual returns and 13 72 26 for non-individual returns.
These services are free and available 24 hours a day, seven days a week.
The tool provides information on returns for the latest financial year. It covers individual's returns only and does not cover companies, trusts or partnerships. It does not provide information about amendments to tax returns.
We also recommend that you check our weekly online updates to see whether there is an issue that may be affecting our processing timeframes. These updates will be available on the ATO website homepage from mid July until the end of October 2012.
If you are preparing and lodging your own tax return, the ATO offers the following options:
E-tax continues to be the ATO's premium lodgment service. It is fast, free and secure.
E-tax can guide you through the process of completing and lodging a tax return, saves time by pre-filling some information directly into the tax return and contains a number of built-in checks and calculators to help you get it right. Most refunds lodged this way will issue within 12 business days.
In 2011, more than 2.5 million taxpayers lodged their tax return using e-tax.
This year, for people who have never used e-tax before, we have produced a video on how to lodge with e-tax in five easy steps.
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E-tax can be downloaded for free from 1 July. To find out more about e-tax and to download see e-tax.
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This year TaxPack and the TaxPack Supplement have been replaced by shorter, simpler instructions called the Individual tax return instructions and Individual tax return instructions supplement. Information covering less common or more complex circumstances has been removed and placed on our website at www.ato.gov.au/instructions2012
The new paper instructions will be available from 1 July at most newsagents or ATO shopfronts. These products can also be ordered online at www.ato.gov.au or by calling the ATO's automated publication ordering service on 1300 720 092.
Anyone who cannot access the website can phone 13 28 61 for assistance.
This year the Business and professional items is only available online as a downloadable PDF.
If you have decided to go with a tax agent to help you prepare your return this year, make sure they are registered. This way, you can be confident you are getting professional advice, by an agent with the right qualifications and experience.
Only registered tax agents can charge you a fee for preparing your return and you can claim the cost as a deduction in your return.
As Tax Time is a busy period for tax agents it's best to contact them early. Don't forget to bring your tax file number and have your bank account details available if you want your refund to be paid directly to your bank account.
To check out if your tax agent is registered, visit the Tax Practitioners Board website.
Last Modified: Friday, 29 June 2012