No bank account? No Refund! - says the ATO
In a bid to improve security and, somewhat more likely, cut their costs, the ATO will no longer issue individuals’ tax refunds via cheque. From 1 July 2013, lodgement of individual tax returns will only be possible if bank account details are provided if a refund is expected.
Many of our clients have been using the Electronic Funds Transfer (EFT) method for a number of years now and have found it more convenient than the cheque method. And you get your refund quicker!
We therefore encourage all our individual clients to provide the details of their current bank account with the 2013 tax records. The following details are required: BSB, account number and account name. Joint accounts and trust accounts are acceptable.
