Read this Legal Kitz blogs to learn about the notice of assessment process in this informative blog post. Gain insights into making payments and understanding the claiming process.
What is a notice of assessment?
A Notice of Assessment (‘NOA’) is a document issued by the Australian Taxation Office (ATO) to taxpayers after they have submitted their income tax return. Once the taxpayer has submitted their tax return, the ATO conducts a summary assessment of this information to calculate the amount of tax owed or, the refund that the taxpayer is entitled to. The NOA is the official notification that outlines the outcome of this assessment.
How do I retrieve my notice of assessment?
The NOA is retrieved from the Australian Taxation Office. There are three options to contact the ATO and retrieve your NOA:
- Online via myGov: Log in to your myGov account and link it to the ATO service. Under the ATO service, you should be able to access your tax documents, which include your NOA.
- ATO online services: You can directly access your NOA through the ATO’s online service. Log into your account on the ATO website and navigate to the “View account” or “My documents” section to find your NOA.
- Contact the ATO: If you’re unable to retrieve your NOA online, you can contact the ATO via phone and request a copy of your NOA.
What is included in the notice of assessment?
- Taxable income: The ATO determines your taxable income by assessing your total income and deducting any applicable deductions or offsets.
- Tax payable or refund: The NOA specifies whether you have a tax liability and will indicate the amount you owe. Alternatively, it will indicate whether you are entitled to a refund.
- Medicare levy: The NOA also includes information about the Medicare levy, which is a tax imposed to fund Australia’s public healthcare system.
- Statement of account: This section provides a breakdown of any outstanding debts, refunds, or other transactions related to your tax account.
- Payment options: If you have a tax liability, the NOA will outline the various methods available for making payment, including due dates and instructions.
How do I rectify the tax liability listed on my notice of assessment:
It is important to rectify the tax liability listed on your NOA as fines and/or interest may apply. Tax liability payments can be made using the following services:
- Electronic payment: Payments can be made via BPAY, credit card, or electronic funds transfer. Find the payment details including the ATO’s biller code and reference number on your NOA. Make the payment through your online banking platform or financial institution.
- ATO online services: You can make a payment directly to the ATO via their website.
- Phone payment: Call the ATO’s phone payment service and pay your tax liability using a credit or debit card. The specific payment details and phone number will be provided on your NOA.
- Mail: Payment can be made by cheque or money that is sent through the mail with the payment slip attached to your NOA. Write your Tax File Number and other relevant details on the payment slip and mail it to the designated address mentioned on the NOA.
How to claim the tax refund listed on my notice of assessment :
A tax refund can be claimed via:
- Bank account: If you have provided your bank account details when lodging your tax return the ATO will deposit the refund directly into that account.
- myGov: If you have linked your myGov account to the ATO, you can access your NOA online and provide your bank account details for the refund to be processed electronically.
- Contact the ATO: If you need to update or change your bank account details or if you did not provide them initially, you can contact the ATO directly and provide the necessary information to claim your tax refund.
Legal advice
If you have any questions or concerns regarding notice of assessment forms, Legal Kitz may be able to assist you. Click here to request to book a FREE consultation with one of our highly experienced solicitors today or contact us at [email protected] or by calling 1300 988 954.