It is Tax time!
It is almost TAX Time in Australia. Every year everyone that had any source of income from work or investment need to lodge a Tax Return, so the Australian Taxation Office (ATO) will be able to check if the taxes you paid along the year was sufficient or not.
If you have paid more than you supposed to, you will have a tax refund but if you didn’t pay enough you will receive a tax bill to pay.
When does it start?
Every year the tax season starts on the 01/07 and you have until 31/10 to lodge your tax return.
It’s very important that you lodge your tax return on time because if you don’t, the ATO may impose you some penalty and interest for not doing so.
The Australian Taxation Office offers you an online platform if you want to lodge your tax return without an accountant and tax agent.
It is important to mention that you should know what you are doing; otherwise, you may end up with a tax to pay instead of getting a refund.
Why a Tax Agent?
The importance of doing it with a tax agent is because of the knowledge and expertise to do your tax return so you can get the best ATO tax refund you can.
Sometimes the money you are saving on not using a tax agent you end up missing out on a better tax refund. It’s also good to mention that if you are doing with a tax agent you may be eligible for lodging it later than 31/10, we can lodge it until 15/05 the following year.
The money you spend with the tax agent to do your tax return you will be able to claim next year as one of your expenses and you’ll be able to get a better refund.
Credit: Cope Accountants
Did you know that EMSA will offer a FREE TAX SEMINAR along with Cope Accountants?
It’s Tax Time and we know how difficult and confusing it can be… That’s why we’ve organized a meeting along with Cope Accountants. We will help you with this issue (in Spanish or English)