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The Canowindra Phoenix

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You are here: Home / Articles / Tax Tips

Tax Tips

7 May, 2014 By editor

Tax Returns can be a difficult concept for people, even when they are simple individual tax returns that only require a few receipts and their yearly group certificates from their employers.

Avril Butler and her team at ITP The Income Tax Professionals, Orange, have efficient and friendly staff, experienced in partnerships, sole traders and primary producers, investments ad rentals. The ATO is changing, relying more on electronic advancements, which includes acceptance of bank statements and credit card receipts to identify claimable expenses. They have the experience and expertise to accurately identify your expenses acceptable to the ATO, thereby maximising your refund.

Here are a few frequent questions that people ask during or around tax time.

What are the tax rates? – These can be found on the ATO website but earnings under $18,200 for the 2014 financial year will mean no tax will be payable.

What do I need to lodge a tax return? – Your group certificate from your employer, if you don’t know what one is just ask your employer, hopefully they know what it is. Any receipts that you have that relate to working expenses. For example; work clothes, tools and laundry expenses. But you are also allowed to claim gifts or donations and interest, dividends or other investment income. However check with your accountant for items you are able to claim and not able to, as this changes every year.

How long does it take for the ATO to send me my refund? –Now I know we all get excited to get our cheque and most of us already have it spent but you should receive your notice of assessment and refund/payment within about 12 business days if you lodge your return online using e-tax, and about 50 business days if you post it. If you owe tax, the ATO will send you payment advice. If you are due a refund it will be deposited into your account or your accountant’s Trust Account. The ATO does NOT issue cheques anymore.

What is a tax assessment? – Your notice of assessment is an itemised account of the amount of tax you owe on your taxable income. It also contains other details such as the amount of credit you have for tax you have already paid throughout the income year.

More tips coming soon…issue 295

 

Filed Under: Articles, General Interest, Our Community

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