Tax season is fast approaching – Now is the time to start getting ready to file your taxes. For many people, this is an exciting time of the year where we get back some of the hard – earned money that was taken out from wages. On the other side it is an obligation for all taxpayers to lodge their tax returns on time and may end up with a tax bill.
Team at the TAXATION is here to make this whole Tax return lodgement process a whole lot easier. See below answers for some basic questions.
When can I lodge my Tax return?
The time to lodge your tax return is generally between 1 July to 31 October each year. However, sooner you lodge your return, sooner you will receive any funds owed by ATO. If you are going to use the TAXATION, we would recommend to book your appointment as soon as you can, as this will be our busiest time of the year.
Top 5 reasons to File Your Taxes early:
- Faster tax refunds
- Extra time to pay taxes you owe
- Obtaining financial information
- Avoiding a tax extension
- Preventing tax return identity theft.
How long will it take to receive your tax return?
If you lodge the tax return digitally, the ATO will process it in two weeks. However, hiring the TAXATION will make the whole process even better, and you may get the refund within 10 working days after lodging the tax return. (Tip: prepare all receipts early).
What do I need to bring to my Tax appointment?
- PAYG Payment Summaries – Don’t worry if you do not have one, we can extract it from ATO portal on your behalf.
- Annual tax statements from trust, managed investments, property and cash management trust if any.
- Any income derived from any source of business (bank statement)
- Income and expenses from investment properties
- Annual statements from share investments.
- Annual tax statement from Cryto wallet.
- A list of work-related expenses (with receipts).
- Donations to charities.
- School building levies and library funds.
- Insurances (private health, sickness and accident)
- Superannuation contribution (over and above mandatory payments)
Give us a call on (03) 9702 9602 if you are not sure what to bring.
How to maximise Tax refund?
- Determine your tax bracket
- Create a receipt system
- Make a charitable payment
- Review your deductions
- Itemised your home, travel and care expenses
- Put your money in a super fund
Can you pay our fee from your tax refund?
“YES” Our fees may be taken from your income tax refund. Extra charges may apply if you choose to receive your refund by cheque, or if you have unpaid fees like HECS or DOCS. These additional fees will be around $30-$40.
As one of Melbourne’s top accounting firms, we work hard to get the best results of our clients – that means maximum refunds and minimum waiting time. So, for quick and hassle-free tax returns, starting from $70, contact the TAXATION today. Book your tax consultation at a time that suits you, we work late nights and over the weekends.