Practice Update 1 – Tax Returns with refunds will need bank account details

By September 28, 2018Accounting News

A quick post today, but a very useful one.

According to the ATO, the fastest, most secure way to receive a tax refund is to have it paid directly into a nominated Australian bank account using electronic funds transfer (EFT).

From 1 July 2013, individual tax returns will generally require bank account details, including BSB and account number, to be entered, where a refund is expected.
Joint accounts and trusts accounts will be acceptable.

RBA

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