TODAY IS THE TAX DEADLINE - HAVE YOU FILED YOUR RETURN?

The good news is, getting your return lodged can be done in the time it takes to finish a cup of coffee!

The team at Etax.com.au have outlined the top 10 reasons people are putting off their return in 2019 AND how to overcome each one.

1.       If I ignore my tax, it will go away

That’s never going to happen! Every taxpayer in Australia is required to lodge a return. Ignoring it runs the risk of nasty ATO fines (can be over $1000 in some cases).

2.       I can’t find my income records (PAYG or Income Statement)

Don’t worry, you don’t need them! Your tax agent can access your income info from the ATO if you don’t have it. Just ask!

3.       I can’t find my receipts

If you’ve lost receipts, check your bank statements, contact the shop you purchased it from and if you bought it online, just log into your account and grab a digital receipt from there.

4.       I don’t know what tax deductions I can claim.

That’s why about 70% of Aussies use a tax agent like Etax. Then you don’t need to know what you can and can’t claim - that’s your accountant’s job.

5.       I don’t have time, it will take too long.

Online is the way of the future. Online accountants like Etax mean you can do your return in literally minutes, while sitting in your PJs watching TV.

6.       I can’t afford to do my tax return right now.

Tax agent fees are generally pretty cheap (less than $100) and often you can just have them deduct your fees from your refund so you’re not out any cash up front. And the best part, your fees are tax deductible next year.

7.       I’m scared I’ll have an ATO debt.

You won’t know until you get an estimate, and even if you do, the longer you leave it the more the debt will grow – the ATO charges interest on any amounts owing.

8.       I don’t know how to do my tax return.

You don’t need do. That’s why most people use a tax agent. They’re the experts and it’s their job to make your tax stress go away

9.       I had no income this year.

Even if you didn’t work, you need to tell the ATO in the form of a non-lodgement advice which lets them know you’re not lodging. Otherwise you’ll be on the ATO’s non-lodged list of people they consider to be avoiding their tax obligations. Just ask your tax agent for help and they can take care of this for you.

10.   I earned less than the tax-free threshold

Even if you earned under the $18,200 threshold you might still need a return, and if you don’t need to do a return, just like number 9 you still need to let the ATO know anyway. Just ask your accountant for help and they’ll let you know what you need to do!

Doing your tax return is usually a pretty quick event; most people can be done in the time it takes to drink a coffee. So, what are you waiting for?

-ENDS-