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Tips to speed up tax refunds

Many problems can occur when processing activity statements and tax returns which can lead to a delay in issuing refunds. However often these problems are often caused by small issues and can be easily avoided.

Here is a list of tips to help minimise some of the issues that can prevent a speedy tax refund:

-Keep personal details, such as postal address, bank details and authorised contacts, updated

-Lodge all outstanding activity statements, the ATO are unable to process the refund until they know the extent of the credit

-Keep the statement clean. This involves not writing notes outside the space provided, do not use symbols and do not double up by lodging both online and in person

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News

Updates to the unclaimed superannuation money protocol

January 15, 2020

The Superannuation (Unclaimed Money and Lost Members) Act 1999 (SUMLMA), more commonly known as the unclaimed superannuation money protocol, has been updated recently to provide a clearer structure going forward.

SUMLMA provides guidance on in relation to unclaimed money, lost member accounts, superannuation accounts of former temporary residents and their associated reporting and payment obligations. The update has now added content on inactive low balance accounts.

The act now clearly defines what is an inactive low-balance account, how statements and payments work, the registering of lost members and various rules for special cases.

It is important to note that the information in the protocol does not apply to super providers that are trustees of a state or territory public sector super scheme, in which:

The protocol provides administrative guidance only and should not be taken as a replacement for the law or technical reporting specifications.