4 Important Last-Minute Tips For Preparing for Tax Time

by Stuart Iles Partners Tax Consulting

Read the last-minute tax tips to be clear about lodging tax returns. But you will need assistance from the tax service professionals for your confidence.

The official declaration has been done about lodging the tax returns by 31st October 2022 (when the process will close officially). Nevertheless, a lot of preparations are to be done with no time to sleep and rest. About 85% of taxpayers are expecting a refund, so the paper works and all needed documentation should be prepared on time for the tax returns. Here are a few tips the tax accountants providing tax services to different businesses in Hobart rely on.

1. Keep All the Documents Grouped In One Place

Being organized is the first step of stressing less and even assures the possibility of maximizing deductions. To make the most of your expenses, you need accurate records and receipts. Take help from the accountants to organize all the documents into one folder. Here is the list of documents to keep ready for starting –

• Last year’s tax return copy

• Records of shares purchases and sales, business or property

• Private Health Insurance Details

• Spouse Details, Only If Applicable

• Children’s Details Along with Date Of Birth

• All Income List, even include Income Statements, Interest And Dividends, Rental Income and Foreign Income

• All expense lists, including donations, work-related expenses, tax affairs management costs and self-education expenses.

Your accountant will help you by downloading a part of this information, like the Income Statements, Private Health Insurance Details and Centrelink Payments.

Keeping refund aside, ATO cracks down on deceitful deductions. So if you have planned on claiming, you have to prove it.

2.Make A List of Expenses Related To Works

Every profession has certain occupation-specific tax deductions. The work-related expenses which can be claimed are car expenses, uniforms, mobile phone bills and union fees. All the job-related purchase items are eligible for a claim.

3.Make A Decision On Tax Returns Loading Process

As soon as all the information is gathered, consider how should the tax return be lodged. To ensure you are getting the maximum returns from your tax returns, you will have to take help from the tax agents of their tax services. It could be your tax return is complicated, when the tax agents or tax accountants will help you in the journey by preparing your tax returns, maximizing your refunds and lodging them conveniently through the ATO -decided online portal.

4.Take the Expert's Help

Working together with tax agents or tax accountants for tax returns through their ATO-approved tax returns services is common in Hobart. By taking expert tax accountants' advice, you can understand which information is important and will create a tangible impact on tax returns. If you are doing it on your own, then in all probability, in the future, it will cost you unclaimed tax deductions. Expert tax agents' advice is convenient for all streams of taxpayers.

31st October October 2022 is the ultimate deadline for self-lodging individuals, but if you are working with the tax accounts for submitting returns, then the deadline might be extended. So, make sure to get registered with a tax agent by 31st October 2022 so you are qualified to avail of the extended deadline. Keep in mind, you will always have to keep the ATO and your registered tax accountant if anything has happened that made you fall behind. The tax experts will take care to secure all the apt offsets and deductions accurately to which you are entitled.