What Happens After You Lodge Your Tax Return?

Lodging your tax return is an important step, but staying informed after you lodge is just as important. We often hear from business owners who think everything is finished once they click submit. In reality, there are a few important things to monitor after lodging your return to make sure everything is processed correctly. Here is what happens after you lodge your tax return.

Wait for your tax return to be processed.
If you lodged your tax return online, the ATO states that most returns are processed within 12 business days. Some returns may take longer if additional information or verification is required.

Track the status of your tax return.
You can check the progress of your return at any time by signing in to your myGov account, selecting Australian Taxation Office, then Manage tax returns. You can also use the ATO app. The ATO advises that calling them will not provide an earlier status update than what is available online.

Watch for your Notice of Assessment.
Once your return has been processed, the ATO will issue a Notice of Assessment to your myGov Inbox. This document confirms your tax assessment, explains how it was calculated, and tells you whether you are receiving a refund or have tax to pay. Review it carefully to make sure everything looks correct.

Understand your refund timeline.
If you are entitled to a refund, it is generally paid after your return has been processed and your Notice of Assessment has been issued. The payment will be deposited into the bank account you nominated when lodging your tax return.

Made a mistake?
If you notice an error after lodging, you can request an amendment once your original tax return has been processed. You can do this through ATO online services in myGov or by contacting your registered tax agent.

Keep an eye on messages from the ATO.
Check your myGov Inbox regularly after lodging. The ATO may contact you if they need additional information or if your return requires further review. Responding promptly can help avoid unnecessary delays. Also be cautious of tax scams. The ATO will not send links asking you to log in to your myGov account.

If you need help keeping your bookkeeping organised throughout the year, we are here to help. Contact us today to learn more about our services.