If you have taxes deducted at source by your employer, then you may find that you pay more money during the course of the year than you were actually supposed to. Don't worry, because many people fall into this situation and will, invariably, need to apply for a refund. You may certainly be looking forward to this "windfall" and want to get it without any hassle, but you still need to pay attention to your tax return to make sure that there are no processing delays. How can you make sure that you get exactly what you are due and that you don't have to wait too long for it?
Claimed Expenditure
To begin with, consider whether you can reduce your tax liability even further by claiming for certain types of expenditure. For example, you may have had to buy some tools so that you can be more effective at work. Alternatively, you may have had to travel to a training course and can claim for certain expenses here. What if you were required to buy a uniform or some kind of protective clothing, simply to perform your job? Many of these items are fully tax-deductible and could increase the size of your refund, but check each item carefully.
Declared Interest
Do you save some of your money every month using a separate bank account? If so, you may attract some interest, but this needs to be declared on your tax return so that the ATO can get their slice. You may have overlooked this as you don't think that it is significant enough. However, the tax authority has access to all of your bank records and will see whether you have earned any interest or not. If you don't declare it, then this will throw up a red flag and your file (and your subsequent refund) may be delayed.
Online Filing
You may have been used to filing your tax returns through the mail using forms that you downloaded from the Internet. Did you know that you can file your actual return online now? If you do this, then the return will be processed more quickly, and this may allow you to get your refund sooner rather than later. Furthermore, you can probably get the money sent directly to your bank account, if you give the authority the appropriate details.
Just remember, claim everything that you are due and don't forget to disclose any interest received. For help with this process, visit an online tax return platform.