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Change to tax refund

From July 1, 2013, your income tax refunds will be deposited into a bank account when we lodge your tax returns for you via the electronic lodgement service (ELS). Depending on the arrangement you have with us, refunds can be deposited straight into your account, or in some cases where we have a trust account, they can be directed into our trust account. As a result, you will no longer be able to use cheques for the purpose of receiving your tax refund. If you haven’t already, you are required to supply us with details of your bank account and financial institution to ensure there are no untimely delays with your tax refunds.

Loss carry-back offset delayed

In the 2012-13 Federal Budget, the government announced its intention to provide tax relief for companies by allowing them to carry-back tax losses. In this way, businesses would be able to claim a refund against tax previously paid. The tax amendment was tabled in Parliament last February, but has not yet become law. The ATO has therefore advised that if a company is to lodge its 2013 income tax return (including if it uses early balancing substituted accounting periods), it should not claim the loss carry-back tax offset until the law has officially passed. Once the changes are enacted, we will be able to help with advice about how to claim the loss carry-back tax offset, if applicable.

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Welcome to the InterActive Tax Consultants’ news – part of our personal and easy to understand approach to taxation. We are committed to working with you to achieve the best results for your business. If you have any question or would like more information on any of the articles please contact us.