Tax Services Geelong: Points to Remember This Tax Time
Author │ Lal Paulose – MAS Tax Accountants Geelong. P: 03 5222 3265
When it comes to submitting your tax return this year, it’s important to know that the correct information is included and you’re claiming the full and proper deduction amounts. If you have a complicated tax return, are unsure of your deduction entitlements, or don’t want the stress of lodging your own return, a professional Tax Accountant can assist in looking after you tax. Our Tax Services Geelong specialists work with you to ensure that you tax is lodged efficiently and on time.
Tax Tips To Remember – Tax Services Geelong
Have you declared all your income?
It’s important that you correctly declare all of your income from the past financial year, including income from work, Centrelink, bank interest, Uber and Air BnB. The Australian Taxation Office (ATO) are able to check your income streams and match it to your tax return, so it’s good to have all of the right information.
Uber drivers must register for GST with ATO, irrespective of your income. Do you have any income on your ABN? If yes, prepare a summary of all your ABN income and expenses, so can work out exactly what is your net income to include in your tax return.
Have you claimed all your eligible work-related deductions?
If you have work-related expenses, you may be able to claim them as a deduction on your return. Depending on your occupation, you may be eligible to claim a range of deductions, such as travel expenses, transporting bulky equipment, home office costs and compulsory uniform.
To be able to claim a deduction, it must be directly related to your job, you were not reimbursed by your employer, and you have the receipt or logbook as supporting evidence. This tax time, the ATO are carefully checking work-related expenses claims and ensuring that the deductions are correct and true. Ensure that your expenses are genuine and that you have a proper receipt, and you will no reason to worry about being audited by the ATO.
Have you claimed substantially more than you peers?
Using data matching technology, the ATO can benchmark all tax return claims from the same or similar occupations against each other. If you are claiming more than your peers, you can trigger an audit from ATO and will be asked to provide evidence to substantiate your claims. If your tax claims are supported and true, you will have nothing to worry about and your accountant can help you through the process. However, if you have made false or misleading claims, you could face penalties and fines from the ATO.
Do you have any existing debts with the ATO, Centrelink or HELP/HECS
If you have an outstanding debt with any of the government agencies, your refund can be delayed, and the ATO will often adjust your refund to pay towards the debts. This is a normal occurrence and if you have any questions, please be sure to speak with your accountant.
Have you updated your personal details with ATO?
It’s important that your personal details are kept up-to-date with the ATO, to ensure that your refund is processed correctly and in a timely manner. If you have changed your first name or surname since lodging your last tax return, be sure to update the details with ATO.
Capital Gains Tax (CGT)
If you have capital gain during the previous year on investment property or share have to declare your capital gains. There is no capital gain on the sale of your residential property.
Do you have any pending tax return lodgements?
You can still lodge any late tax return through your accountant. If you have a late or forgotten return from previous years, the ATO can delay your current tax return.
Please note, that you have to a lodge tax return every year irrespective of your income.
Have a question about your tax? Speak with our Tax Services Geelong specialists today. Working with Individuals, Sole Traders, Small Businesses and Companies, we can help you to prepare and lodge your tax. Specialising in tax matters for Medical Professionals and Practices.
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Australian Taxation Office (ATO): https://www.ato.gov.au/