Priority processing of a business tax return doesn’t guarantee a refund. If your business has outstanding tax or other debts with Australian government agencies, the credit from a return may be used to pay down those debts first.
You can apply for ATO priority processing through your tax professional after the lodgement of the tax return in question. Once the initial request for priority processing is received, you’ll be notified and contacted if more information is required. Processing will take more time for businesses that have lodged several years’ worth of income tax return amendments at the same time, and for those that have unresolved tax debts.
Before lodging any priority processing request, check the progress of your return by contacting your tax professional. If the return is in the final stages of processing, you may not need to lodge a priority processing request - the return will be finalised before the ATO has an opportunity to consider the request.
AcctWeb
The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
