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Are you putting off your tax return?

Are you putting off your tax return?

 

Procrastinating about taxes is a yearly problem for many people.

With the deadline to complete your tax looming closer, the window for putting off your tax return is closing in.

At this time of year, more than 65% of Australian taxpayers have already lodged their tax returns, leaving some taxpayers still to lodge.

If you’re one of the 2 in 5 Aussies who still need to lodge their tax return, don’t worry! There is still time to organise your Tax with one of our Accountants. 

 

The top reasons Australian’s delay their Tax

1. If I ignore my tax, it will go away.

Sorry to break it to you, but tax is something that will never go away. Every tax return stays on your file with the ATO, forever. Ignoring your taxes will only make the situation harder for yourself down the track. And the longer you wait, the more chance you have of incurring ATO fines and interest charges.

 

2. I can’t find my income records (PAYG).

If you’ve lost your PAYG payment summary or group certificate, don’t worry. Did you know as your Accountant we can retrieve your tax records directly from the ATO’s database? In fact, we can find income records for you, including your salary, bank interest and government agency income like Centrelink.

 

3. I can’t find my receipts.

Are you procrastinating because you don’t know where to start to find all your receipts?

The obvious advice is to use a mobile app. The ATO’s “My Deductions” is a highly recommended tool and will allow you store everything in one convenient place. However if you didn’t do that this year – don’t worry! There are some other easy ways you can remember and track down your work-related purchases, like checking your:

  • bank and credit card statements – these transactions can help jog your memory for certain work-related expenses,

  • calendars – your work calendar may remind you of car expenses and travel expenses,

  • photos – check your phone for any pictures of receipts or things you bought,

  • emails – search for things like ‘invoice’ and ‘receipt’ in your inbox for missing digital receipts.

Remember, if your total claim for work-related expenses is more than $300, you must have written evidence to prove your claims. Keeping your records organised from the start will ensure you don’t pay more tax than necessary.

4. I don’t know what tax deductions I can claim.

Knowing what you can and can’t claim for your job can be daunting, especially if you’re thinking about lodging your taxes yourself. That’s why about 70% of Australians use a tax agent to lodge their tax return – they get qualified accounting advice, and someone else makes it all easier.Having one of our Accountants complete your Tax will ensure you receive everything you are entitled to.

 

5. I’m scared I’ll have an ATO debt.

Even if you don’t have money in your bank account, the best option is to get your tax returns up to date sooner, rather than later.  If you do owe money to the ATO and you can’t afford to pay your tax bill right now, your Accountant can arrange a payment schedule with the ATO instead. 

Our Accountants will put all of your fears aside and ensure you receive the best possible outcome. Make an appointment today, Online or contact our office on (03) 5561 8618.

 

Get In Touch

P.O. Box 495
78 Henna Street, Warrnambool, VIC
Phone: (03) 55 618 618
Fax: (03) 55 618 600
Website: www.shbbusiness.com.au
Email: office@shbbusiness.com.au

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