Every Australian enjoys receiving a tax refund come tax time, but they are often left with wait times that feel like forever. What if we told you there was a way to get your tax return the day after you lodge it?
If you find yourself wishing your tax return would come sooner, One Click Life’s next-day refund could be the solution for you. In this article, we will cover what the One Click Life next-day refund is, the fee structure, additional fees you may incur, and the benefits of the next-day refund. It’s not instant tax refund, but it is next day tax refund!
Completing an online tax return is easy. Now getting access to your tax refund is easy too!
What is the One Click Life next-day refund?
The One Click Life next-day refund allows you to receive your tax refund the day after lodging rather than waiting for the ATO to process your tax return and then pay the tax refund.
Users can receive up to $1,000 or a maximum of 50% of their total tax return the next day. The remaining balance is transferred once it is released from the ATO, and our fees are taken.
The next-day refund may not be for everyone, but the product is a great tool for people who need access to money in a hurry.
Some common reasons for needing next-day refunds include:
- Student fees
- Car repairs
- Urgent bills
- Rent payments / Mortgage repayments
- Family holiday
The standard fee for lodging with One Click Life is $99 upfront. If you would like to pay your lodging fees later by using your tax refund to pay our bill, that will incur an additional $19 administrative fee. If you want to receive your tax refund the next day, the cost is an additional $89 administrative fee. Remember, the maximum you can receive from the next-day refund is $1,000 or 50% of your total tax return.
In summary, the fee structure is as follows:
$99 Upfront lodgment fee (standard lodgment fee)
+ $19 Pay later fee (fee deducted from your tax refund)
+ $89 Next day refund fee (receive your refund the next day)
= $207 total fees
Example of the One Click Life next-day refund
Jackie expects to receive $2,500 in her tax return. Jackie would like to pay her fees later and she wants to receive her tax return the next day. As the next-day refund is capped at $1,000, Jackie will receive $1,000 the next day and receive $1,293 (remaining refund amount – $207 lodgement and administrative fees), at the standard processing time of the Australian Tax Office.
What if your tax return is below $1,000?
Joel expects a tax return of $900. He would like to receive his tax return the next day and he’d like to pay for his fees using his tax return. He can only receive $450, which is 50% of his tax return the following day. Joel will receive $450 the next day and receive $243 (remaining refund amount – $207 fees), once released from the ATO.
Additional fees will be charged if your tax return is being withheld for reasons like an inaccurate tax return submission. You will have 45 days to before you are subject to additional fees. You will be charged the following fees:
- One-time fee of $29 will be charged after 45 days for re-reviewing your tax return and location of your refund.
Why do we charge additional fees for withheld tax returns?
We want to make this as transparent as possible; we charge fees as we provide convenience to the user. If the user is unable to receive their tax return, we incur a direct debit fee that will be passed on to the user. If we need to refer the debt to a collection agency, you will also have to pay the costs of the debt collection agency.
One Click Life will do our best to help you through the process, so you are not paying additional fees.
Direct Debit and recovery of
If for any reason we do not receive your tax refund or your tax refund is not of adequate size to recover the amount we have advanced you plus our fees and any additional charges. We will attempt to recover the amount owing by direct debiting the account you have nominated for your refund to go into. If we fail in our attempts to recover this amount we will refer the total amount of advance plus all fees we have charged to debt collectors. You will then also be liable for any charges debt collectors may impose to recover the debt.
Benefits of One Click Life’s next-day refund
We feel that $207 is a lot of money for a tax return. However, it is generally cheaper than seeing an accountant in person. The benefit is, you receive your tax refund the next day rather than waiting for the regular processing times.
One of the biggest benefits of the One Click Life tax refund is that it is tax-deductible. That means you can claim the $207 fee in the following tax period, increasing your tax refund the next year.
The most important benefit is it gives you the ability to pay for emergencies like your bills and instant gratification wants such as booking a holiday with the family. One Click Life’s next-day refund is a good solution for people who need access to their tax returns quickly. While there are costs involved, the next-day refund offers the convenience of receiving money the following day and the ability to pay unexpected expenses or the luxury of indulging in something you’ve always wanted.
One Click Life can help you with your tax!
One Click Life makes it easy to organise and track all your life’s admin in one place. Run by tax professionals, One Click Life allows you to complete your online tax return at the click of a button.
Dealing with an online tax agent is the simplest way to complete your tax return. Why wouldn’t you use one if you could claim your online tax return and online tax agent fees as a tax deduction? We do more than just tax! One Click Life can help with your Mortgage, Will, and Health Insurance, so you can do more of the things you enjoy in life.