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Incorrect or incomplete bank account details

Last updated 1 November 2021

We pay your refunds into your nominated financial institution account, unless there's a good reason to refund the amount in a different way.

This means we will usually retain your activity statement refunds until you have provided us with your financial institution account details. We will also retain these refunds if your nominated financial institution account details are incorrect or incomplete.

Account details

Ensure you:

  • provide us with your current Australian financial account details including your account name, BSB and bank account number. Generally, once we have the correct details, we can automatically issue your refund.
  • quote your account details correctly when you apply for your Australian business number (ABN), or when you update your account details.

Incorrect name

We will consider that a financial institution account is incorrect if it is held in the incorrect name.

Table: particular entity types, examples of accounts that are held in correct or incorrect names

Entity type

Accepted accounts

Incorrect accounts

Company

The company

Trading name

Director name

Partnership

The partnership, that is, all of the partners

Executor for the partnership

An individual partner

Individual (sole trader)

The individual sole trader

Trading name

The sole trader and another individual

Another individual

Trust

The trust

The trustee in their capacity as trustee.

Beneficiary or beneficiaries names

Paying a different way

In some circumstances we may pay an activity statement refund to you in a different way. For example, we will pay an activity statement refund by cheque if you hold religious beliefs that prevent you from having a bank account. We may also pay an activity statement refund into a third-party bank account that you nominate if the third party has a close legal relationship with you.

Find out about:  

See also:  

  • Update your details
  • PS LA 2011/22 Refunds of running balance account surpluses and credits – Commissioner's discretion to retain refunds and the discretion to pay refunds in a different way
  • Taxation Administration Act 1953 Part IIB – Running balance accounts, application of payments and credits, and related matters (section 8AAZLH)

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