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20 Jul 12 On Income Tax Account in Credit

MEMBER 151 writes:

"I love the way the ATO have an account, eg. Income Tax Account in Credit, yet do not refund it. I often see where overpayments have been made or the ATO perhaps credits interest or reverses interest to the Income Tax Account.

You prepare the year end return. Say refund of $ 215.00. Account already in credit by 0.98 (Could be $ 98.00 or even $ 980.00) Refund really is $ 215.98. ATO will only refund the $ 215.00 because that is what the tax return refund is for that year. I am not saying that the ATO are crooked (although they are not giving back what is owed to the taxpayer). But what I am saying is that once more their mega mega mega million $ computer is hopeless.

Unless you actually request the $ 98.00 or $ 980.00 the ATO will not refund it to the taxpayer. How much of taxpayers' money is being held by the ATO in this way? I know the answer. Buckleys. Because we all have Buckleys chance of the ATO telling us. If the amount is under $1 then of course the ATO will not refund this amount separately. Under or over $1 will only ever be cleared up directly by the ATO if a debt is owing. I quote a former talk current affairs journalist who would say to the ATO 'Shame Shame Shame'."

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