The ATO will send you a notice of assessment, which informs you the outcome of your lodgement. Notice of assessment will have payment options for payable tax and refund details if tax is refundable. Normally tax is directly credited in your bank account but ATO may issue cheque for the refund of tax.
After each financial year ends, you can file your tax return. A financial year begins with every July 1 in each year ends on June 30 the following year. If you have a tax agent, you can lodge your tax return even after October 31, but you have to be registered as a client before October 31 to meet the criteria. If you cannot file your tax return by October 31, or by your tax agent’s lodgement date, there will be penalties for late lodgement.
Each individual of the business is responsible for the information contained in the tax return, not the agent. But if you do build up problems with ATO, it will probably be comforting to have professionals like us to state your case, as we are far more experienced at dealing with the ATO.
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