If you are looking for information on filing tax returns in Australia, you have come to the right place. In this article, you will discover important things you need to know about filing proper tax returns in Australia.
First and foremost, it is important for you to know that all Australians earning above $18,200 threshold need to file a tax return to avoid fines and penalties. The tax year runs from July 1 to June 30, and the last day for filing the tax return is October 31. Therefore, it is important for you to file a tax return before the deadline to ensure you do not get penalized by the Australian Taxation Office.
As far as filing the tax return is concerned, you can file a tax return on your own, or you can hire the services of a tax agent. If your tax return isn’t too complicated, you may file it on your own but it is important that you are aware of all the rules regarding taxes.
For instance, you are required to report all the earnings including the interest earned on your bank deposits, as well as other such things in your income tax filing. Many people make the mistake of not reporting the interest earned on their bank deposit, but when the ATO electronically matches the interest income shown with the actual interest earned in the bank account, the system flags the return, and it delays the whole refund process.
Therefore, if you are not aware of the rules regarding taxes, it’s better to hire the services of a tax filing service to ensure everything is done correctly, and you won’t have to pay any penalties or fines at a later date.
You can also bring down your taxes by with the help of these tax filing services, as they are aware of all the deductions you are legally entitled to while filing your tax return.
One of the best ways to ensure you get all the tax deductions is to keep good records and save all the receipts. Even if you’re not sure whether you can make a claim, it is important to keep the receipt and make sure you let know your tax filing agent. They can make queries with the ATO on your behalf, and make sure you get all the deductions. Some tax agents also offer solutions that allow users to save the receipts electronically, all year round. This helps in filing the right tax returns at the end of the year.
It is also important to mention here that all the tax agents are not the same. Some companies outsource the entire work to someone who may not be aware of all the rules regarding taxes and act more like a data entry agent. Therefore, check the features offered by the tax agent as well as their reputation regarding tax savings and tax refunds. Make sure the final tax return is checked by qualified accountants before it is submitted to ATO.
Overall, it’s better to hire the services of a qualified and reputed tax agent like Accounting Services NSW to file your tax return instead of doing it independently. It will ensure accuracy, and you may also get a higher tax refund thanks to expertise of the tax agent.