If you’ve ever lodged a tax return in Australia, you would have received a document called a Notice of Assessment — or NOA. While it might not seem like a big deal at first glance, it’s actually one of the most important documents you’ll receive from the Australian Taxation Office (ATO).
What Is a Notice of Assessment?
A Notice of Assessment is an official statement from the ATO summarising the outcome of your individual tax return. It shows how your tax was calculated and whether you owe money to the ATO, are entitled to a refund, or have a zero balance.
In simple terms: it’s the ATO giving you a receipt for lodging your tax return and summarising your financial situation for the tax year.
What Does the NOA Include?
Your NOA will generally contain a summary of the following information:
- Total income assessed – The income you’ve declared from employment, investments, business, and other sources.
- Deductions claimed – Work-related expenses, donations, and other deductions you listed in your return.
- Taxable income – Your total income minus deductions.
- Tax payable – How much tax you owe based on your taxable income.
- Credits and offsets – Things like PAYG (Pay As You Go) withholding tax, tax offsets, or other credits you’re entitled to.
- Final result – A refund amount, a tax debt to pay, or a nil balance.
Why Is the NOA Important?
Here’s why your Notice of Assessment is important:
- Proof of income: You are likely to need it when applying for a loan, rental, or government assistance.
- Confirmation of tax position: It lets you know that the ATO has accepted your return and shows exactly where you stand.
- Recordkeeping: It’s part of your financial records and should be kept for at least five years.
- Action required: If you owe money, the NOA will tell you how much, when it’s due, and how to pay.
How and When Will You Receive It?
Most people receive their NOA:
- Online via their myGov account, linked to the ATO.
- By mail if you don’t have a myGov account or haven’t set up digital communication.
- Via your tax agent or accountant Melbourne
The ATO usually issues the NOA within a couple of weeks after you lodge your return — sometimes sooner if you file online using myTax or through a tax accountant Melbourne.
What Should You Do With It?
Once you get your NOA, it’s a good idea to:
- Check for errors: Make sure the information matches your tax return and nothing looks incorrect. Though if you do use an accountant Melbourne they will check it for you and advise if there are any discrepancies.
- Note any payment due: If you owe the ATO, be sure to pay by the due date to avoid interest charges.
- Keep a copy: Save it securely (electronically or printed) for future reference — especially for things like applying for loans or proving your income.
What If You Don’t Agree With It?
If something doesn’t look right on your NOA, you can:
- Contact your tax accountant Melbourne to clarify.
- Contact the ATO.
- Request an amendment to your tax return.
- Lodge an objection if you believe the ATO made an error in assessing your tax.
Final Thoughts
Your Notice of Assessment is a key part of your financial records. Whether you’re chasing a refund, double-checking your deductions, or needing proof of income — your NOA is your document.
So the next time it lands in your inbox or mailbox, take a moment to review it carefully, if your tax accountant Melbourne has not reviewed it for you. It could save you from future surprises and help you with that next loan.
If you need help understanding your NOA please do not hesitate to contact Nobel Thomas or your local accountant Melbourne.
