With the 2018 financial year coming to a close many of us turn our minds to our tax returns and for the lucky ones potential refunds. If you received a tax refund in the 2017 year that is a great indication that you may again be entitled to a refund this year. Therefore the sooner you can gather and send your tax information to Rubiix the sooner you can receive your refunds.

The ATO will start processing 2018 tax returns from the 6th of July 2018 and expects to issue refunds from the 17th of July 2018.

The fastest way to receive your refund is via bank transfer to your nominated bank account. Ensure that your bank details which you provide are up to date and correct to ensure that your refund is transferred to the most relevant bank account. Many times people can ‘misplace’ their refunds by providing bank details of past bank accounts which may no longer be used or may have been cancelled. In the event where the refund cannot be transferred to your bank account the ATO will issue a cheque to be sent. The process involved with issuing a cheque and you finally receiving the cheque can add a considerable delay in you receiving your refund.

If you need assistance in gathering your tax information you can have a look our website which has our 2018 Tax Checklist. This details all things you need to ensure that you maximise your refund and provide all the relevant information you can.

For business owners who are registered for GST, you may also be entitled to receive a refund from your June 2018 Business Activity Statement. Make sure to gather and send your quarter 4 information in order for Rubiix determine if you are eligible for a refund.