WHY YOU SHOULD AVOID INSTANT SAME DAY TAX REFUNDS?

WHY YOU SHOULD AVOID INSTANT SAME DAY TAX REFUNDS?

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It’s that period, where you are rushing to file your tax return. As the days are nearing, you may be finding yourself at a spot where you potentially need a tax agent to get you out of this chaos.

While looking for tax agents, you often come across certain agents who offer “same day tax refunds” or “on-the-spot tax refunds” or “instant tax refunds”.

Let’s be honest; the “same day tax refunds” / “on-the-spot tax refunds” / “instant tax refunds” aren’t really an option given by the ATO. It’s a facility given only by the registered tax agents.

The instant same day tax refund may sound interesting to you because you know you won’t have to wait for 8-10 working days to get your tax refund and that you get them in your bank account, almost instantly. But here’s a trick; ATO takes 8-10 working days (if return filed electronically) to transfer the tax refund to your bank account.

Then, how do you get an instant same day tax refund?

IT’S AN ADVANCE GIVEN TO YOU BY THE REGISTERED TAX AGENT YOU’VE AUTHORIZED TO FILE YOUR TAX RETURN. IN SHORT, IT’S A SHORT-TERM LOAN.

Here’s how this works;

Once you file your tax return with the ATO, the authorized tax agent transfers you the tax refund amount in your bank account. This amount is treated as an advance to you, or a short-term loan. Once the ATO send you the tax refund amount, either electronically or by cheque, the tax agent deducts the advance amount, along with the necessary fees (as mentioned by the tax agent). If a government agency takes part of your tax refund in satisfaction of outstanding debt, then your actual refund will be lesser by that amount.

Therefore maximizing your tax refunds becomes very important here. We at My Tax Refund Today help you maximize your tax return, by letting you plan your tax and finances well. We also help you with the tax deductions you can claim from the ATO and avail the benefit of the deductions listed by the ATO to the fullest, so that you end up paying less tax and get more benefits out of your tax return.

Now the question arises; WHY YOU SHOULD AVOID INSTANT SAME DAY TAX REFUNDS?

Because it’s an advance given to you by your tax agent. If you have a past record of outstanding debts, you won’t want toadd another new liability to your list. If you are in urgent need of money for any financial purpose, only then the instant same day tax refund option shall be beneficial to you. Avoiding instant same day tax refunds will help you be risk-free, especially when your financial and tax situations don’t allow you to take any risk.

But need not worry. My Tax Refund Today will guide you step-by-step with your current tax the situation, and basis the discussion will ask you for this facility if you are deemed fit by us. To know if you can go for instant same day tax refund option, all you have to do is, provide us your tax details using this FORM or e-mail your PAYG summary to info@mytaxrefundtoday.com.auand our tax accountant will call you within 20 minutes to discuss your tax situation and provide you with a FREE TAX REFUND ESTIMATE. Once you feel satisfied with our services, you can authorize us to lodge your tax return, and if you choose instant same day tax refund option, we shall study and analyse your tax situation to know if you are eligible for this option.

We have listed down a detailed terms and conditions of the instant same day tax refund option, along with our other facilities on our terms and conditions page

Instant same day tax refund may seem like a good choice, but you need to know your tax situation and your need to opt for this option. Unless you are not in urgent need of money for any purpose, you should avoid instant same day tax refunds option, or else you might unknowingly put yourself at risk.

My Tax Refund Today is a Registered Tax Agent (Tax Agent no 23282009) and is authorised by the Australian Tax Office to lodge taxation returns.

Fill in the get your refund now form to have an expert will call you and get your same-day refund*, or if you have any questions related to MyTaxmygov, and Online tax return, you can contact us by calling 1300 698 297 Or email us at info@mytaxrefundtoday.com.au.

*Conditions Apply

This disclaimer informs readers that the views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author’s employer, organization, committee or other group or individual. To have your tax case assessed please contact a registered tax agent.

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