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Can my tax refund be directly deposited into my bank account?

To avoid the possibility of losing or misplacing the refund cheque, consider having the tax refund deposited directly into your bank account. This halves the time it takes to receive the tax refund by cheque and it eliminates the time it takes to bank the cheque. You will need to provide your accountant with a BSB, account number and account name. It must be the entity’s bank account or a legal representative; not a third party bank account.

If an entity doesn’t have a bank account, it will need to open one to receive money by direct deposit. Once the tax refund is transferred into your bank account you will receive notification from the Australian Taxation Office in writing.

 

 

Tax Minimisation Strategies

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