Are you putting off your tax return?
October 27, 2018
Are you guilty of being late with your taxes? If you still haven’t lodged your tax return, then read on (and don’t get distracted)! This article is for you…
Procrastinating about taxes is a yearly problem for many Australians.
That has a bunch of down-sides including, thoughts about “taxes” dancing in the back of our minds, for most of the year. Stressful! And really, unnecessary.
With the tax deadline looming (31 October), the window for putting off your tax return is closing in.
At this time of year, more than 65% of Australian taxpayers have already lodged their tax returns, leaving some taxpayers still to lodge.
Tax time can be a stressful and dreaded task on the ‘to do’ list. Many of us would rather bury our heads in the sand than sort through a year’s worth of crumpled receipts and complicated tax rules. It’s just human nature that our brains are wired to avoid painful situations.
While the temptation to delay the inevitable to the last minute is real, so are the consequences of unnecessary stress, forgotten deductions and ATO penalties.If you’re one of the 2 in 5 Aussies who still need to lodge their tax return, don’t worry! You’re not alone and there’s still time to beat your tax time procrastination.
Top 10 reasons for delaying your tax returnWe’ve wrapped up the top 10 reasons why Australians procrastinate at tax time, and the truth behind these excuses standing in between you and your refund. (Or, is risking some ATO troubles…)
1. If I ignore my tax, it will go away.Sorry to break it to you, but tax is something that will never go away. Every tax return stays on your file with the ATO, forever. Ignoring your taxes will only make the situation harder for yourself down the track. And the longer you wait, the more chance you have of incurring ATO fines and interest charges – or even, nasty, repetitive phone calls from ATO collectors.
The only way forward is to take action now. And when it’s all done, what a relief!
2. I can’t find my income records (PAYG).If you’ve lost your PAYG payment summary or group certificate, a qualified tax agent can find it for you. Did you know that tax agents at Elite Accounting & Finance can retrieve your tax records directly from the ATO’s database? In fact, tax agents can find income records for you, including your salary, bank interest and government agency income like Centrelink.
Alternatively, contact your employer or payer directly to request a copy of your missing PAYG.
3. I can’t find my receipts.Are you procrastinating because you don’t know where to start to find all your receipts?
While the obvious advice is to use a mobile app that lets you snap photos of your tax receipts and store them in one convenient place, if you didn’t do that this year – don’t worry! There are some other easy ways you can remember and track down your work-related purchases, like checking your:
4. I don’t know what tax deductions I can claim.Knowing what you can and can’t claim for your job can be daunting, especially if you’re thinking about lodging your taxes yourself. That’s why about 70% of Australians use a tax agent to lodge their tax return – they get qualified accounting advice, and someone else makes it all easier.
Better yet, accountants at Elite Accounting & Finance suggest the deductions you could claim once you’ve provided your occupation and basic details.
You could also look for tax checklists that give you a great list of deduction suggestions to consider for your job.
5. I don’t have time, it will take too long.Did you know that 30% of our customers have never been to our office?
It’s become popular to complete tax returns without going to the accountant's office or ever meeting them. Doing your return with Elite Accounting & Finance means you can spend more time at home with your family to do what you love.
Please be aware of people who pretend to be qualified accountants but they're reallynot!
Giving information about yourself like your Name, Tax File Number (TFN) or Date of Birth to the wrong person will put you at risk.
So always do your reseach, speak to them over the phone and most importantly check that they have a valid ABN.
6. I’m scared I’ll have an ATO debt.Even if you don’t have money in your bank account, it’s easiest to get your tax returns up to date now, rather than later. And who knows, you might get a surprising refund instead!
If you do owe money to the ATO and you can’t afford the pay your tax bill right now, a tax agent can help arrange a payment schedule with the ATO instead. The ATO can be very reasonable about payments on overdue taxes IF you get your tax returns lodged by a qualified accountant on time!
7. I don’t know how to do my tax return.Honestly, that’s a big reason most people use a tax agent. Their job is to make taxes easier for you.
We’re here to ensure we can do better for you and your business. Our year-round support means you will never be left alone when you need us; even on weekends!
Just contact us if you have any questions.
8. I had no income this year.Sorry, that’s no excuse.
Everyone needs to lodge either a ‘tax return’ or a ‘non-lodgment advice’ form to the ATO.
Even if you didn’t earn any income, you still need to lodge a non-lodgment form. This document tells the ATO you’re not lodging a tax return this year, and also ensures you’re not flagged for avoiding your tax return. Just because you didn’t earn any income doesn’t mean your off the hook at tax time!
A special and unusual thing about Elite Accounting & Finance is, we will do your non-lodgment advice for you, for free!
9. I earned less than the tax free threshold.Even if you earned less than the tax free threshold of $18,200, you might still need to lodge a tax return.
This is only if you paid any tax on this income, or if you:
10. I can’t afford to do my tax return right now.Did you know that with Eite Accounting & Finace, you don’t have to pay your tax agent fees upfront? Instead, you can opt to have the small fees deducted from your tax refund, later. Then, when your refund is issued by the ATO, your fee will be deducted from it and your remaining refund will be transferred to your bank account. How easy is that?!
That has a bunch of down-sides including, thoughts about “taxes” dancing in the back of our minds, for most of the year. Stressful! And really, unnecessary.
With the tax deadline looming (31 October), the window for putting off your tax return is closing in.
At this time of year, more than 65% of Australian taxpayers have already lodged their tax returns, leaving some taxpayers still to lodge.
Tax time can be a stressful and dreaded task on the ‘to do’ list. Many of us would rather bury our heads in the sand than sort through a year’s worth of crumpled receipts and complicated tax rules. It’s just human nature that our brains are wired to avoid painful situations.
While the temptation to delay the inevitable to the last minute is real, so are the consequences of unnecessary stress, forgotten deductions and ATO penalties.If you’re one of the 2 in 5 Aussies who still need to lodge their tax return, don’t worry! You’re not alone and there’s still time to beat your tax time procrastination.
Top 10 reasons for delaying your tax returnWe’ve wrapped up the top 10 reasons why Australians procrastinate at tax time, and the truth behind these excuses standing in between you and your refund. (Or, is risking some ATO troubles…)
1. If I ignore my tax, it will go away.Sorry to break it to you, but tax is something that will never go away. Every tax return stays on your file with the ATO, forever. Ignoring your taxes will only make the situation harder for yourself down the track. And the longer you wait, the more chance you have of incurring ATO fines and interest charges – or even, nasty, repetitive phone calls from ATO collectors.
The only way forward is to take action now. And when it’s all done, what a relief!
2. I can’t find my income records (PAYG).If you’ve lost your PAYG payment summary or group certificate, a qualified tax agent can find it for you. Did you know that tax agents at Elite Accounting & Finance can retrieve your tax records directly from the ATO’s database? In fact, tax agents can find income records for you, including your salary, bank interest and government agency income like Centrelink.
Alternatively, contact your employer or payer directly to request a copy of your missing PAYG.
3. I can’t find my receipts.Are you procrastinating because you don’t know where to start to find all your receipts?
While the obvious advice is to use a mobile app that lets you snap photos of your tax receipts and store them in one convenient place, if you didn’t do that this year – don’t worry! There are some other easy ways you can remember and track down your work-related purchases, like checking your:
- bank and credit card statements – these transactions can help jog your memory for certain work-related expenses,
- calendars – your work calendar may remind you of car expenses and travel expenses,
- photos – check your phone for any pictures of receipts or things you bought,
- emails – search for things like ‘invoice’ and ‘receipt’ in your inbox for missing digital receipts.
- Remember, if your total claim for work-related expenses is more than $300, you must have written evidence to prove your claims. Keeping good records from the start will ensure you don’t pay more tax than necessary.
4. I don’t know what tax deductions I can claim.Knowing what you can and can’t claim for your job can be daunting, especially if you’re thinking about lodging your taxes yourself. That’s why about 70% of Australians use a tax agent to lodge their tax return – they get qualified accounting advice, and someone else makes it all easier.
Better yet, accountants at Elite Accounting & Finance suggest the deductions you could claim once you’ve provided your occupation and basic details.
You could also look for tax checklists that give you a great list of deduction suggestions to consider for your job.
5. I don’t have time, it will take too long.Did you know that 30% of our customers have never been to our office?
It’s become popular to complete tax returns without going to the accountant's office or ever meeting them. Doing your return with Elite Accounting & Finance means you can spend more time at home with your family to do what you love.
Please be aware of people who pretend to be qualified accountants but they're reallynot!
Giving information about yourself like your Name, Tax File Number (TFN) or Date of Birth to the wrong person will put you at risk.
So always do your reseach, speak to them over the phone and most importantly check that they have a valid ABN.
6. I’m scared I’ll have an ATO debt.Even if you don’t have money in your bank account, it’s easiest to get your tax returns up to date now, rather than later. And who knows, you might get a surprising refund instead!
If you do owe money to the ATO and you can’t afford the pay your tax bill right now, a tax agent can help arrange a payment schedule with the ATO instead. The ATO can be very reasonable about payments on overdue taxes IF you get your tax returns lodged by a qualified accountant on time!
7. I don’t know how to do my tax return.Honestly, that’s a big reason most people use a tax agent. Their job is to make taxes easier for you.
We’re here to ensure we can do better for you and your business. Our year-round support means you will never be left alone when you need us; even on weekends!
Just contact us if you have any questions.
8. I had no income this year.Sorry, that’s no excuse.
Everyone needs to lodge either a ‘tax return’ or a ‘non-lodgment advice’ form to the ATO.
Even if you didn’t earn any income, you still need to lodge a non-lodgment form. This document tells the ATO you’re not lodging a tax return this year, and also ensures you’re not flagged for avoiding your tax return. Just because you didn’t earn any income doesn’t mean your off the hook at tax time!
A special and unusual thing about Elite Accounting & Finance is, we will do your non-lodgment advice for you, for free!
9. I earned less than the tax free threshold.Even if you earned less than the tax free threshold of $18,200, you might still need to lodge a tax return.
This is only if you paid any tax on this income, or if you:
- are entitled to the private health insurance rebate
- have a reportable fringe benefits amount on your PAYG Summary
- have a reportable employer superannuation contribution on your PAYG Summary
- made a loss or can claim a loss made in a previous year
- are an Australian resident for tax purposes and you had exempt foreign employment income plus $1 or more of other income.
10. I can’t afford to do my tax return right now.Did you know that with Eite Accounting & Finace, you don’t have to pay your tax agent fees upfront? Instead, you can opt to have the small fees deducted from your tax refund, later. Then, when your refund is issued by the ATO, your fee will be deducted from it and your remaining refund will be transferred to your bank account. How easy is that?!