A considerable number of Australians caught up in the BAS and IAS systems may never see an income tax refund cheque again according to President of the Taxation Institute of Australia, Ms Alice McCleary. A considerable number of Australians caught up in the BAS and IAS systems may never see an income tax refund cheque again according to President of the Taxation Institute of Australia, Ms Alice McCleary.
Many taxpayers look forward to their income tax refunds for a splurge.
The ATO has informed the Tax Institute that it will be releasing a policy statement with regard to how it proposes to credit tax refunds and any other tax owing in relation to the RBA account. Although this is welcome, it is all a bit too late. The problems are occurring now, and an urgent solution is required. The running balance system needs a complete overhaul. This fiasco has inconvenienced taxpayers, added significantly to tax agents' workloads and increased the overall cost and cash flow problems of small business.