Tax refunds do have certain time limits in which they can be claimed. You wouldn’t think this would be the case but the truth is that if you miss the deadline and not just the final deadline for your yearly return, you may say goodbye to the refund forever. This has happened because people don’t realize there are certain limits to what can be claimed and for how long also. So, what are the necessary time limits in which you can claim your refunds?
The Maximum Time Allowed
In most cases, you will claim refunds every year when filing your tax return but for some this isn’t always the case. However the Australian government will allow an exceptional time limit as to how long you can claim any past or previous refunds. You can claim within a two year period of paying your taxes for that dated year; but you can also claim within three years of when the returns have been filed. Now ideally you will file well before two years because the longer you wait the harder it may be to claim refunds.
Unlimited Time for Mentally or Physically Impaired Individuals
However for those who have been hurt in an accident and have become impaired and unable to handle financial matters themselves they don’t have a time limit. Mentally and physically impaired individuals do not have to rush to deal with these matters as there is no limitation as to when they can file for their refunds.read post here! Now, ideally if these individuals aren’t able to handle a tax return then a capable adult or guardian should help seek professional help with these matters. If the individual can’t file the returns themselves they could elect someone to do so for them and claim the refund amounts also. The money would still go to that individual however.
If you file a joint return with your husband or wife then you have around six years to claim the tax refunds. However there may be a few issues if your partner has outstanding debts as your personal refund may also be taken to cover their debts. Now, this may or may not happen but it’s a possibility which is why you have to be aware of the risks of filing joint returns.get more info from http://www.techtimes.com/articles/171986/20160731/nvidia-geforce-gtx-970-customers-could-get-30-refunds-in-false-advertising-settlement.htm .Your refund may still be awarded as long as you claim the refund within a six year period; and as long as the debts of your partner have been paid off.
In most cases if you were to file at the end of the year your refunds would be whisking their way to you within a few weeks. However if you have failed to claim your refunds then there is still time to do so but you have to be quick. You are limited severely in many instances so you can’t afford to be lax about this. When you file your tax return you should look to ensure you are also claiming for any past or present refund so that there are no delays in getting it to you.