Tax Return Deadline?
Providing that you have received any form of income during the period starting from 01st of July and ending on 30th of June following year, you would be required to lodge individual tax return. Generally speaking, if you need to lodge tax return you must lodge it or engage with Registered Tax Agent no later than 31st October. When you lodge a tax return you include money that you have earned during the income year (taxable income) and any expenses you are allowed to claim as deductions.
Choosing a Tax Agent
Tax agent is a qualified professional who can help you lodge our tax return. You can engage tax agent on online or face-to-face basis. Benefit of using a registered tax agent is that they have a special lodgement program and can lodge tax returns for their clients after the usual 31st October deadline.
Should you wish to engage tax accountant to assist with completion and lodgement of your individual tax return please ensure that you’re engaging Tax Practitioners Board Registered Tax Agent.
If you have outstanding tax returns for prior years it is important to get up to date as soon as possible in order to avoid interest accruing on any tax debts you might have and to prevent and minimise potential penalties for late lodgements.
Lodging Your Income Tax Return
Australian Taxation Office offers free income tax return lodgement platform, MyTax. While this is a free service offered by ATO it is advisable to seek professional advice if you are unsure of how to complete your online tax return. Please note that your tax return could be selected for review if it was completed incorrectly. Our qualified accountants are more than happy to assist you in preparing your individual tax return, we can be contacted on 0449252750 or via email, ivan@nexusaccounting.au. You can find some very handy tax return forms and worksheets on our website that are created to assist you in completing your tax return.
Substantiation Requirements
If your claim for work expenses is over $300 you must have written evidence to support all your claims. Furthermore, if your total work related expenses are blow $300 you would be able to claim a deduction without written evidence providing that you can show that you have spent the money and how you calculated the amount of your claim. For further details please refer to ATO Record Keeping Guidelines
How Long Do You Need To Keep Your Records?
You must keep your written evidence for 5 years from the date you lodge your tax return.
When should I receive my income tax refund?
Generally, once your income tax return is lodged it will take up to 14 days to be processed. Please note, ATO no longer sends tax refunds in a form of a bank cheque hence why it is very important that you have updated your bank account information with ATO. Your tax agent will be able to check and update your account info during the process of completing your individual tax return.
DISCLAMER: Information, articles, topics and ideas on this website are published for general information purposes only and not a specific advice to any person. Any advice in this website should be taken as general advice as none takes into account any person’s particular financial situation, investment objectives and needs.