Is your 2017 Tax Return still outstanding?
You can still complete your tax return online using your MyGov account though you’ll have to check a few things first.
If you have a refund owing to you, the ATO will usually send you a warning letter to request you to complete your return on-time next year. If you have a balance to pay, you’re better off to go with a Tax Agent who has an extension until May 2018.
This week, we have a few tips for deductions and also, setting up a challenge to our viewers!
Did you know the average Australian tax return is a refund?
In our blog earlier this year, we identified that in 2016, Australians on average get tax refunds over $2k!
That means the ATO probably has hold of your hard earned cash and we believe that it’s better to have it in your back pocket than sitting in a government trust fund this Christmas!
Do you have a balance to pay?
Don’t lodge the return via MyGov as you might get a penalty. Instead, go see a Tax Agent who has an extension until 15th May 2018 to get returns completed. This should give you a bit of breathing space, and also, hopefully, no penalty for late lodgement!
You have multiple returns outstanding?
First of all, don’t stress. Instead, take action!
Just take your tax file number and as much information as you have with you to a reputable Tax Accountant. They’ll be able to get you back on track quickly and easily with extended access to information the ATO assists us with.
Remember! If you are doing your return these common deductions
More than $300 deductions? Keep receipts
Wear a uniform? Claim maximum of $150 as a laundry allowance.
Motor Vehicle – you can only claim between travel between work and another workplace. Never from home to work. Also, using cents per km, your maximum deduction is 5,000 km at $0.60 per km (or $3,000).
You can find more detailed information on how to do your tax return online here!
Will you accept our challenge??
We’re putting out a challenge for you to your tax return completed before Christmas!
Need help with your returns? Book online today on our below link and let’s get you back on track!
If this blog helped give you the push to get your returns completed leave a comment below and share on social media!