Structure of the portal view
1. Process date
The process date is the date a transaction is processed into the Integrated Core Processing (ICP) system. This will not necessarily be the same date as the lodgment date.
2. Effective date
The effective date is the expected date for completion of a transaction. During processing, the effective date may change where potential adjustments to the transaction amount are identified or the transaction is subject to review. Potential adjustments that may impact processing times and the account balance value include:
- debt/offsetting to external agencies, such as Centrelink and the Child Support Program
- other ATO debts, such as super and GST
- interest and penalties
- income tax return adjustments arising from our risk reviews.
3. Transaction description
The transaction description shows the transactions that have taken place.
4. Debit amount
Transactions in the debit amount column are those that negatively impact the balance on the client's ATO account. They include:
- payments to the client, such as refunds and interest on overpayment
- payments to other agencies, such as Centrelink, the Child Support Program, and the Family Assistance Office
- general interest charges on late payments
- debit amendments.
An income tax refund posted in the debit amount column indicates completion of processing for the income tax return. Where a refund is indicated in the transaction description column, the refund will issue on the listed effective date.
5. Credit amount
The credit amount column lists the value of credit transactions on the client's ATO account. Credit amount transactions include:
- income tax payments we have received
- interest on overpayment due to the client
- credit amendment values.
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A transaction posted in the credit amount column does not indicate the amount is available to be refunded to the client.
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The value of the credit available for refund may be affected by:
- debt/offsetting to external agencies, such as Centrelink, the Child Support Program and the Family Assistance Office
- other ATO debts, such as super and GST
- interest and penalties
- income tax return adjustments arising from our risk reviews.
6. Balance
The balance column lists the current value on the client's ATO account - that is, the tax refund or liability.
Example: 2009-10 income tax return
Portal view - 1 September 2010
This example shows we received an original electronic income tax return with an expected effective date of 6 September 2010.
Portal view - 2 September 2010
A payment to the Family Assistance Office processed in the system on 2 September with an effective date of 7 September has:
- reduced the balance on the client's ATO account
- impacted the effective date for completion of the income tax return.
The Family Assistance Office payment is one of a range of transactions that could result in changes to the effective date.
Portal view - 11 September 2010
Additional time required to review the Family Assistance Office payment has resulted in the refund being delayed. Interest on overpayment is calculated and the balance owed to the client is credited to the client's ATO account. The refund is shown as a debit on the account and is expected to issue on the effective date.
A refund listed in the debit amount column is expected to be issued on the effective date.
Last Modified: Thursday, 9 September 2010