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Tax Season Starts With Big Bang

The much-talked-about 2019 tax cuts are now legislation and it certainly seems to have sparked taxpayers into action in relation to lodging their 2019 tax returns.

2019 tax cuts

 

So much so – that the ATO computer and phone systems already have gone into meltdown and been offline on quite a few occasions.

I suppose it’s only natural that people want the extra money as soon as possible – but remember, only people who actually PAY tax can benefit from the offset of up to $1100 and there are income restrictions for what you are actually entitled to.

It is not a cash handout.

Other things to think about for tax season are:

As always, we can pick up a lot of information from the ATOs Pre-Filling Reports, probably more then ever – but we may not have all of it just yet.  For example:

– Employers had until the 14th to submit your payment summaries and with the introduction of Single Touch Payroll there are some extensions until the 31st July. With the volume the ATO are taking much longer to process these too so we may not have the information yet.

– Banks, managed funds etc. are still getting information together. You will need to bring in any interest earned from bank accounts and follow up with your managed fund to see if they have completed their annual statements yet.

– If you have a rental property you will need your annual agent statement, interest paid on your loan for the year and any paperwork for expenses paid personally.

– We can only see what deductions you claimed last year, so you’ll need to bring updated information with you. The ATO are targeting most work related expenses so expect a lot more questions from your consultant when we are preparing your returns.

– Private health insurance details are very hit and miss, as a precaution it’s best if you can bring in a copy of the year end statement for us to check.

– If you have put money into super or have Income Protection we need a letter from your insurer/super fund confirming deductibility

– If you sold any shares or properties this year the ATO will likely know about it but will not have details on how much you purchased and sold them for, so please bring in this information too.

Some employers and private health insurers are not issuing paper statements and may send them directly to the ATO.  If you think this could be the case give the office a call or email and we can check if the information is available before making an appointment.

Remember we are open Tuesday and Wednesday nights until 8pm at the moment and Saturdays from 8-1pm.  We look forward to seeing you again this year.

 

Contact us on: or phone 07 33595244

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