Filing Your Tax Return Doesn’t Have To Be a Nightmare
by Lucas Austin work together to simplify your tax, accounting andFiling the annual tax return can be a nightmare for
many.
It’s a time of year when business owners feel the
stress of the impending annual October 31 deadline and often worry that they
will meet it.
It doesn’t have to be this way, however, and with some
expert advice you can breeze through this process, safe in the knowledge that
you are fully tax compliant and fulfilling your obligations to the ATO.
So, how do those business owners who are so cool, calm
and collected remain so, and how do they manage to file in advance of October
31, and ensure that all the relevant documentation is gathered?
It’s a combination of being organised and hiring the
right tax accountant or tax return specialist in the Perth area.
Firstly you need to get a handle on what records you
will need to in order to complete your tax return.
Payment summaries, bank statements, buy and sell
investment statements, rental property records, share information and managed
fund statements, foreign income information and a policy statement from your
health insurance provider are all required.
It’s important to familiarise yourself with the
income(s) you are obliged to declare.
While your employment income is an obvious source, do
not overlook foreign incomes, investment and share dividends, income from
sources such as Air BnB or Uber, crowdfunding income, or pensions and
Government payments.
Once you have all this documentation gathered, it is a
good idea to opt for the ATO online filing system which is user-friendly and a
great time saver, even more so if you wait until mid-August when the ATO will
pre-fill your return with much of your regular banking and Government agency
information.
It will fall to you to check and verify all this to
ensure that no error has been made so be diligent during this process.
It’s worth finding out what tax-deductions you can
avail of. For example, vehicle and travel expenses, home office expenses, self
education expenses, gifts or donations to ATO approved organisations and
business-related tools and equipment are all tax-deductible.
By downloading the ATO’s My deductions app, you can
keep records more easily and then each year, it will be easier to file them
within your tax return.
While many people relish the challenge of completing
their tax return solo, it’s really advisable to engage a qualified
tax accountant or tax return in Perth to cast their eye over your
documentation.
There is no substitute for the professional touch and
this simple step will prevent errors and queries being raised by the ATO in
relation to your return.
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Created on Jan 23rd 2019 04:05. Viewed 699 times.