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Filing Your Tax Return Does Not Have To Be A Nightmare
Filing 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 Perth 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 Perth-based qualified tax accountant or tax return professional 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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