Tax returns are due at the end of October annually; if you are yet to lodge one, you may want to reconsider the way you go about doing it. Hope William-Smith reveals how.
The Australian Government ‘myTax’ website allows individuals and business’ to lodge their own tax returns. While you are able to save on tax agent fees and time by lodging from home, agents are urging people to consider visiting a tax office as the deadline approaches, particularly if their tax return is complicated.
Self-lodgers who fail to lodge their tax return before October 31st could be hit with an immediate late lodgement payments of $180, increasing by $180 for each successive 28 day period.
“Late lodgement could result in both fines and slower payment of refunds” said Forestville H&R Block manager Anna Farcomb.
“With only a few weeks left to go, many taxpayers will should really consider a tax agent”.
Taxpayers who go through an agent can often lodge lay tax returns well beyond the deadline and without financial penalty.
The Standing Committee on Tax and Revenue is considering a range of issues with taxation after a public hearing for an inquiry into the 2013-2014 Annual Report of the ATO. Committee Chairman Mr Bert van Manen MP, said the ATO’s relationship with taxpayers and the effective administration of the ATO are of ongoing interest, both to Parliament and the community.
“The ATO says it has made good progress in improving the experience of its clients, however feedback from tax practitioners has been less than positive on some matters and the ATO is doing to address the issues raised,” Mr van Manen said.
Included in this will be a review into the benefits and difficulties of both self-lodging and using a tax agent.
H&R Block Forestville have complied a handy check list for both self-lodgers and agent users that includes some of the most common items taxpayers need to substantiate income:
– Statements of all income received during the year; payment summaries from all jobs, Centrelink statements, compensation, income from jury duty, hobbies and casual labour.
– Money received from rents, royalties, tips and pensions.
– Employee shares income.
– Business income.
– Dividends received from shares and other investments.
– Sale of shares or other assets, including property.
– Interest earned on savings accounts and other investments.
*Tax returns are due by October 31st
ato.gov.au/Individuals/Lodging-your-tax-return/Lodge-online/
hrblock.com.au/
