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04 Aug 088 Transfer of overpaid income tax instalments

The ATO has advised that during July 2008 it conducted a review of credit balances on activity statement accounts, which are also referred to as integrated client accounts. The review identified that some credit balances were due to overpaid income tax instalments and were often for small amounts. This process was first run in October 2007 and proved very successful in reducing the need for agent's clients to request transfers or refunds. Any credit identified as an overpayment of income tax instalments has been transferred to a client’s income tax account and will be included on their next income tax assessment as ‘Other amounts refundable’.

For a copy of the ATO advice, go here

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