The Importance of Bank Details on Tax Returns

Tax refunds are directly credited by the ATO to the bank account nominated in the tax return.

Therefore, it is important that the details of the account into which the refund is to be deposited are checked for accuracy prior to lodgement of the return.

If the BSB or Account number is incorrect or the account is no longer active, payment of the refund will not take place. Any changes should be notified in writing so that the return can be adjusted before it is lodged.

In the event that the refund cannot be credited to the nominated account, it is most likely that an assessment notice with a cheque attached will be mailed to the postal address (which should also be checked) provided on the return.

For Further information, please contact our office