Electronic Funds Transfer (EFT) is the fastest, most secure way for clients to receive refunds is through electronic funds transfer (EFT) into an Australian financial institution account. Financial institutions include banks, building societies and credit unions.
In Client's Tax Form, you may choose "Whose EFT details to use"
LodgeiT shows warning when EFT is not completed and entity has a refund. It is shown when validating the tax form.
The bank account detail is only required if there is only a refund where the ATO could transfer. Learn more from the ATO
*if the client has payable, they may resolve it themselves.
EFT details is the payment of net refund (accountings fees deducted), this will be made to the account specified via Settings > Tax. (either Agent or Client)
Choose from these illustrations:
- Ilustration A: Uses "AGENT's" EFT for client's refund.
- Illustration B: Client's EFT Details
- Download EFTR Reports
- FAQ:
Ilustration A: Uses "AGENT's" EFT for client's refund.
Go to Clients "Settings"
Select "Tax"
Tick the "Fee from Refund" (If it's ticked it automatically uses agent's EFT details on tax forms. If the agent need to update their own EFT, navigate to Gear wheel > Profile > Tax )
Result -
Illustration B: Client's EFT Details
If the client wish that refund directly to their bank.
Go to Clients "Settings"
Select "Tax"
Fill the client's EFT details
Result
Download EFTR Reports
Customise via "Team" access, "Work permission"
FAQ:
If the refund is to be transferred to the client's account, please make sure financial details on the ATO portal is filled in.
Q: How to Restore EFTR "SBR Unavailable"?
A: "SBR unavailable" error on fetch EFTR report can either occur when ATO EFTR service is unavailable or there is no generated EFTR reports for the agent. LodgeiT has a background service that checks if any EFTR report is generated for the agent, so it automatically pulls new EFTR reports from ATO.
Q: Is it possible to have 2 different trust bank details for tax agent to subscribed to EFTR?
Answer from the ATO: Agents can only have one trust account per RAN at a time. Prior to subscribing to the EFT report, the agent uses the Manage Agent Trust (MAT) service to provide their trust account details.
The Manage Agent Trust (MAT) service allows Tax Agents to create, maintain and remove a Tax Practitioner's trust account.
Upon providing details of their trust account, this will then enable the Tax Practitioner to receive the EFT reconciliation report which shows details of each EFT refund sent to the tax agent's or BAS agent's nominated trust account.
Note, the EFT report provides details of refunds commencing from the date of subscription is receive. It does not provide backdated information.
Related Article:
Trust Account Authority Declaration