With Tax Time looming, it's time to start preparing as much as you can so that you're ready to lodge in July.
Follow these simple tips below to help you out this tax time!
Tax Tip #1
Register with Gotax Online
We are registered Tax Agents with the Tax Practitioners Board. If you don’t have any outstanding tax returns or outstanding tax bills with the ATO you’ll be eligible for the Tax Agent extension which means you won't have to lodge by the October 31st deadline.
Tax Tip #2
Follow the rules
If you are claiming work-related expenses, follow the ATO’s three golden rules and you’ll be set:
- You must have spent the money and not been reimbursed
- The claim must be directly related to your job
- You need records to prove it
INTERESTING READ: Top 5 Tax Deductions You Might Not Know About
Tax Tip #3
Lodge with Gotax Online
A year is a long time, and within that year you may have forgotten about work-related expenses you have paid for, or you may not even realise that you can claim something back.
Many taxpayers in Australia don’t realise that they can claim certain tax deductions back on their tax return, e.g. Superannuation contributions and Union memberships. By using our Gotax Online Electronic Tax System (etax) we help you pick out the most common tax deductions made by others who work within the same occupation.
Tax Tip #4
Don’t avoid lodging your tax return
Avoiding lodging your tax return may result in the ATO applying Failure to Lodge penalties onto your account, that’s $210 every 28 days! Also, your tax records never disappear, so the ATO will come knocking on your door one day demanding that you lodge your tax returns.
Have you ever wondered whether you’re claiming back everything you should be on your tax return? Wonder no more, with GoTax Online, we provide you with the common tax deductions claimed within your occupation so you never miss out on a tax deduction again.
Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.