Publication date: 25 Jun 20 |
Source: THE TAX INSTITUTE
SYDNEY, 25 June 2020: This year, more than ever, it is important that taxpayers reach out to a registered tax agent for help with their tax affairs, said The Tax Institute.
“From the bushfires, to the floods and then the COVID-19 pandemic, the 2019-20 financial year has come with significant challenges completely out of our control”, said Senior Advocate Robyn Jacobson.
“With all these disasters occurring in such quick succession, managing one’s tax affairs has understandably not been a priority issue. However, 30 June is just around the corner so one’s tax compliance can’t just be put aside anymore.”
“With the raft of Economic Stimulus Package measures directly affecting business and individual taxpayers, as well as more individuals claiming ‘working from home’ related expenses with the sudden changes to our usual working environment from the pandemic, it is more critical than ever to use the services of a registered tax agent to make sure you get your claims right. This is particularly the case if you are seeking additional support from the ATO because you have been directly affected by one of these disasters,” said Ms Jacobson.
However, while taxpayers may be keen to get their returns lodged and any refunds due paid to them, it is not always ideal to lodge on 1 July.
“It is not necessarily optimal to lodge your return as soon as 30 June ticks over. This is primarily because third party information, such as from banks, health insurance providers and public companies that have paid dividends, takes a little while to come through to the ATO.
If you rush to lodge your tax return early and not all the right information is available, you run the risk of making mistakes or inadvertently omitting income and having to amend your tax return. Why do your tax return twice when you can get it right the first time with a little patience?
Also, your tax agent will thank you for being more patient this year and coming to them later in July or even waiting until August. They’ve been flat out dealing with the Economic Stimulus Package measures over the last few months and would appreciate the chance to catch their breath.”
“Tax Institute members are here to help their clients through Tax Time 2020,” said Ms Jacobson.
For more information, please contact:
Russell Mort - Senior Marketing Manager, The Tax Institute
02 8223 0081 email@example.com
The Tax Institute is the leading forum for the tax community in Australia. Our reach includes membership of 12,000 tax professionals from commerce and industry, academia, government and public practice and 40,000 Australian business leaders, government employees and students. We are committed to representing our members, shaping the future of the tax profession and continuous improvement of the tax system for the benefit of all, through the advancement of knowledge, member support and advocacy. Read more at taxinstitute.com.au