Tax refund question

[charles_wif_xf]

Hi all. Just an odd observation I need to state. Yesterday I received my tax refund cheque. Went to the bank to cash it and thought sweet, I can go buy some shizit during lunch today. Lo and behold, the bank tells me that I can't access the money right away, there is a 5 day clearance. In prior years, the money was handed over right there and then (or immediately accesibile from my account). What has happened to make the banks hold them for 5 days. I thought I was alone until my other mates and family members were reporting the same thing.

Has anyone else received their refund yet and if by cheque, has it cleared right away?

[cookie]

yeah i have mine what bank you with im with commonwealth i couldnt get mine right away but they said it cleared in 1 working day. they carnt give it to you right away they have to make sure it is a real check and that the amount is right etc.

[TheSneakiness]

I got mine paid direct into my bank account.

Took a week to do.

[charles_wif_xf]

My account is with the Commonwealth but my friends and relatives are all with different banks. As I said, in prior years, I used to handover the cheque and get KESH right away, regardless of the amount (one year the amount was substantial).

Originally Posted by AUII_SE_Ute

I got mine paid direct into my bank account.

Took a week to do.

Yeah electronic payment goes through right away. To me at least, it seems the banks don't trust ATO cheques any more or, because the cheque is made out to someone, actual cash has to move through the bank (and that costs them money). Either way, something smells fishy.

[82XD393.3v]

I do my tax on the puter with a direct debit so i logged my tax on a thursday and was in my account monday 3 working days from logment to spending :

[Bluefreak]

Originally Posted by charles_wif_xf

My account is with the Commonwealth

I also bank with CBA, if I present a cheque in my lunch break, I can draw on it by the end of the day(business hours)... Doesn't matter whether it's a personal or RBA cheque.

[EA2BA]

well if Fraud never happened, then I am sure it would have been, too much fraud and the people committing the crimes get better at it every year, no good for all us honest people.

[loxxr6]

I thought Tax Office cheques cleared straight away as well.

I did mine thru E-tax, its pretty simple to do plus I had it paid to my bank account. The money was there in no time at all.

[charles_wif_xf]

Originally Posted by loxxr6

I thought Tax Office cheques cleared straight away as well.

I did mine thru E-tax, its pretty simple to do plus I had it paid to my bank account. The money was there in no time at all.

They used to. Not anymore it seems.

[2002auxr6]

i did my tax 2 wednsdays ago and i havnt recieved anything yet, my GF got hers yesterday and we did it the same day

[fmc351]

Originally Posted by 2002auxr6

i did my tax 2 wednsdays ago and i havnt recieved anything yet, my GF got hers yesterday and we did it the same day

Can you spell AUDIT?
















Nah, Im joking. Delays occur in processing, it can be a bit random like that.

[82falcon]

I got a cheque for my tax this year. I took it to the bank, and the manager came over and cleared it straight away.
But if she didnt clear it the teller said there would have been a wait

[charles_wif_xf]

I never had to resort to a manager to clear the cheques, it was always the tellers that said, "here you go and have a nice day". In hindsight, I should have called the manager. Still, something don't sit right with this little black duck.

[max]

Originally Posted by charles_wif_xf

I never had to resort to a manager to clear the cheques, it was always the tellers that said, "here you go and have a nice day". In hindsight, I should have called the manager. Still, something don't sit right with this little black duck.

Yeah something wierd there still. Maybe the RBA can make a mozza in interest in funds being held over even for a few days? Or is that a bit far fetched?

[Jeeepers]

Originally Posted by max

Yeah something wierd there still. Maybe the RBA can make a mozza in interest in funds being held over even for a few days? Or is that a bit far fetched?

That's basically it, money to be made, for being delayed.

[GT 8888]

Originally Posted by max

Yeah something wierd there still. Maybe the RBA can make a mozza in interest in funds being held over even for a few days? Or is that a bit far fetched?

The money would come directly out of the RBA account the day it is presented ie they wouldn't get interest on the funds whilst the cheque is still waiting to be cleared.

The problem most people will find is that when they bank their tax cheque the friendly teller will just put it through the work or process it immediatley . Either way, the "system" will not recognise the difference between a personal cheque from John Smith or from the ATO.

Banks loose millions of dollars a year by paying out against cheques that aren't cleared......unfortunatley we all have to wear the burden of other peoples dishonesty.

[S3SR]

I officially hate the tax office..

as a student if i make over an amount and dont pay enough tax i get nothing
if i make too much i get nothing so i cant win..

as a student i need all the money i can get so now i gotta work more just to buy textbooks... one day ill never pay tax ever again

[terra australis]

When I worked in a bank we were told to only clear cheques for people that were well connected with the bank or people we knew well. For the others we would see how long they banked with us. Checked out how much money they had in the bank. We would either clear the cheque or partially clear the cheque or tell them to wait 5 days. But if the person was rude to me I would tell them they would have to wait 5 days.

Honestly it does not take 5 days for the banks to get an answer on a cheque. It takes a day or two at the most and they get the answer back. Its just there system that prevents you from withdrawing untill the fifth day. I can guarantee that if a cheque bounced you would know about it before the fifth day.

[TURBO_GHIA]

well thanks to centrelink i heard $20,000 last year because i wasnt working ,and after having 4 group certificates lodged this year i have to pay $500 in tax because centrelink didnt take enuf tax out ,die die die !!!!

[charles_wif_xf]

Originally Posted by EDMONTY

well thanks to centrelink i heard $20,000 last year because i wasnt working ,and after having 4 group certificates lodged this year i have to pay $500 in tax because centrelink didnt take enuf tax out ,die die die !!!!

Bureaucracy at its worst.

[S3SR]

Originally Posted by EDMONTY

well thanks to centrelink i heard $20,000 last year because i wasnt working ,and after having 4 group certificates lodged this year i have to pay $500 in tax because centrelink didnt take enuf tax out ,die die die !!!!

i was never told anything like it counts as a proper income, that also needs to be taxed otherwise you dont pay enough tax and have to pay ATO your own money, alot of other stuff that i only found out today, like ive got a 'threshold' or limits on how much i can make and how much tax i have to pay, i even rang them while ago at they just said yeah well you should have known all that my god you didnt want to be standing beside me when i heard that ... i second your motion centrelink/ATO die, die, die!!!!!!!

$20.80 out of $500+ and not even one thankyou from centrelink or the ATO for paying their wages.. thats a total of $2500+ they have of my hard earned money...in 2 years!!

[RSgerry]

There are clearance days on all cheques, irrespective of who they are drawn on. The reason that five days clearance is placed on a cheque is that whilst most cheques rae dishonoured immediately, the drawers bank has up to five days to dishonour the cheque. Whilst a cheque from the ATO is unlikely to bounce due to lack of funds, that cheque may have been stopped for a number of reasons, including being stolen.

Also, while the cheque is waiting on clearance, the funds are in your account and earning YOU interest, not the bank or the government or some other mythical body. If the cheque is deposited into a loan account, then the funds are saving you interest immediately. The only party benefiting while the money clears is you.

[XRchic]

E-tax rocks.

Some interesting perspectives on the tax system and the welfare system in this thread, I must say.... LOL.... A LOT of impressive knowledge.... /end sarcasm.

[charles_wif_xf]

I would dismiss it as a change of manager at my branch if it were just me, but almost everyone in my immediate circle of acquaintances and relatives, differing banks to boot, had experienced the same thing. For next year, I'll be opting for the direct debit option when it comes to refund time (I use e-tax to do my returns and have always opted for cheque 'cause it cleared right away).

[GreenMachine]

Yeah, I took my last cheque in to the bank and it took ages to clear... I knew bloody Howard wasn't good for $200!

[niko]

you can get the bank to give it to you quicker, but its just easier to choose EFT payment

[charles_wif_xf]

I my opinion, either the government is hard up on cash (I know, it's hard to believe since there are multi billion dollar surpluses) or they are forcing people onto using the elctronic systems in place for monetary transactions (more likely).

[niko]

the cheque waiting period is a bank thing, not government....

[gthofan]

i got mine today. i did mine through e-tax and straight into my bank account. took 3 clear working days!!! lovin it!

[The G6ET Spot]

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