How much income tax will I pay this year? What kind of income should I declare? What deductions can I claim? What records for doing tax do I need to keep? How much time do I need to file my tax return?
You're probably one of millions of Australian taxpayers who are asking these same questions and are struggling with tax compliance. You might be one of those who have complicated tax issues and multiple sources of income and have already wasted precious time and effort calculating deductions and credits. Or you're probably one of those with straightforward affairs who are reluctant to try the Australian Taxation Office's myTax and e-tax for fear of inputting wrong information http://streamlined.gr/nl-NL/gambler%27s-fallacy_15-05-2020.
Whether it's your first time to file or you have done it before, working through a complicated process such as personal tax filing is a daunting experience. It requires time, patience, and attention to detail, for a single error can lead to serious legal consequences. Whilst all hardworking Aussies should pay their share of tax, shouldn't you be focusing more on earning a living?
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- decreasing the risk for error. Mistakes, whether unintentional, can lead to penalties or delays. If you make an incorrect lodgment, for instance, you will have to file for an amendment that usually takes at least 8 weeks to process. Your tax specialist can go over your records and application for inaccurate or missing information.
- giving you helpful tax advice. You've been through lodging your individual tax return before. This year wouldn't be any different, would it? Remember that getting a new job or welcoming a new member to the family can significantly affect your tax situation. You tax accountant can help you find areas where you are qualified for deductions and credits.
- meeting the deadline. When you have a busy daily schedule, submitting on time might slip your memory. Your agent will see to it that you file within the lodgment period. Is the deadline too tight? Most tax professionals have special lodgment schedules, so they can lodge returns for you later than the usual cut-off date.
- shortening the lead time. You can count on your tax professional to ensure that there are no delays in processing your individual tax return so that you can receive your refund in as fast as 12 business days.
- keeping you updated. Typically, the ATO processes paper individual income tax returns within 50 days of receipt; online logdment, within 12 days. In addition, you'll need to wait from 30 days to 7 weeks before you can check the progress of your return. Getting a tax professional will do any follow-ups for you, giving you that much-needed peace of mind.
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