Don’t miss the tax return deadline!
Tax return time can bring many both excitement and dread. Getting some of your hard-earned money back is always welcomed but lodging your tax return can be a task many put off until the last minute.
Since July 1st, more than 6.93 million individual lodgements have been made, and about 5.41 million refunds have already been processed, according to the Australian Taxation Office. In total, that’s 13.7 billion dollars in total, averaging $2545 per person.
There is less than a month left before you should lodge your tax return if you are opting to do it yourself, without the help of an accountant.
If you are doing this DIY route, you have until October 31st to lodge your tax return.
To get started, all you need to do is head on over to the myGov website and work through the myTax portal to lodge your claims. There is plenty of information already filled in for you, including information from your bank, health insurer and government agencies. This makes the process a lot more simple for you as you don’t have to track down the information for yourself.
As easy as it can be to put off lodging your tax return, you can be faced with a fine if you put it off. It is a hard deadline and the fine for late lodgement can be anywhere from a couple of hundred dollars to over a thousand dollars. Without a valid reason such as a death in the family, this is unfortunately a steadfast cut off.
If you have signed up with a tax agent, you can have up until May 15, 2021 to lodge your tax return, giving you a much longer period to lodge. You will need to have contacted your accountant prior to October 31st to avoid fines, so make sure your relevant paperwork and tax information is sorted. This is great option if you feel like you might not make the October deadline.
A big consideration this year is to not forget to claim any working from home costs. This is a new cost that many haven’t had to lodge before, due to the COVID-19 pandemic. If you were one of the many who have been required to work from home this year, you will need to calculate these costs to lodge. The current arrangements mean that people can claim 80c an hour for all running expenses, rather than having to calculate and claim costs such as gas and electricity individually.
If you want any assistance with lodging your taxes, please don’t hesitate to get in contact with Ascent Accountants on (08) 9356 8033