21 Jan 1111 Why can't refunds be paid directly into bank accounts?
MEMBER 2 writes:
"We have a client with a number of companies. They do not all have bank accounts. One company is entitled to a refund but does not have a bank account. The bank will not allow the directors to bank the refund cheque into a different company’s account even though the directors and shareholders are the same. The tax return for companies and super funds does not allow the refund to be deposited directly into a bank account. We have thus sent the substantial refund cheque back to the ATO and said to cancel it and offset it against the next IAS. A company BAS refund must go into a bank account, so why can’t a tax refund?"