From 1 July 2014 taxpayers will be doing the same for tax return lodgements, even if the details have been provided before.
These requirements were first put in place for individual tax return lodgements and took effect on 1 July 2013. Providing FIA details will allow the ATO to issue any resulting refund by electronic funds transfer to the FIA that is nominated.
Electronic funds transfer is the fastest and most secure way for taxpayers to receive their refund.
It is convenient for both the ATO and the taxpayer and it ensures the refund is paid directly into a nominated bank, credit union or building society account.
Alternatively, taxpayers can speak with their tax agent about using their trust account, if they operate one.
It is important that taxpayers ensure their FIA details are correct when lodging as this will help to prevent delays in receiving their refund, and also ensures that their money does not go into the wrong account.
Our team of professional accountants are at hand to deal with any questions or queries regarding this article.
Call (02) 4926 2300 or email us.
Call Leenane Templeton today to discuss the 2014 lodgement changes.