Looking forward in receiving your tax refunds? You are not alone as there are millions waiting for the same thing. When you receive a refund, you can do a lot with it and it can be a nice treat to wake up to. However, there may come a time when you receive a refund and you don’t feel as though it’s right. What should you do then?
Check the Information You Submitted
Sometimes, people get slightly less in terms of refunds than they were expecting simply because of an error or some type of misinformation they provided on their tax return. This is usually a very simple or basic error and it’s one that can cost you slightly when it comes to refunds. It would be wise to look back over the information you submitted for the previous year just to make sure nothing was missed or neglected. This can take a few minutes and you never know, you might find a glaring error yourself; if there isn’t anything there that can help you, don’t panic just yet.
Use a Tax Refunds Calculator
There are lots of calculators online that allows you to work out the type of refund you will receive and it’s good to use these tools now too. Of course, the calculators can offer an average or estimated amount, not an actual true amount but they can give you a fair idea as to what you should expect to receive. You might have found information on the tax return doesn’t match up to what you input here and that might be the reason for the error. Sometimes, you are far better using the calculator after the refund has returned rather than before as you can often expect more and get less.
Query the Amount
If you truly believe you have been done out of money, you need to query it. You could contact taxreturnco.com.au or the service you used to help fill out the returns or indeed go straight to the Australian government. Doing this is your right and you never know there might have been an error on the government’s part. However, you might find that the amount of refund you receive is right simply because you miscalculated or because of back taxes you owe. Sometimes, if there is an outstanding debt, the refund or part of it can be used to repay the debt. It can vary but you can query the amount if you so wish.
Get In The Know
Sometimes, there is a simple explanation as to why your refunds aren’t as you expected them to be. That doesn’t necessarily mean you have been cheated out of money or there is a major problem. Before you start accusing people of taking money or you not getting your full refund amount, it’s wise to go over your documents closely just to be sure the amount is correct on your end. This will prevent a lot of trouble later and if you still feel you need to enquire over the amount, you can. Ensure your tax return is filled out correctly and your refund amount should get to you soon.