By Opulent Accountants|Monday Oct 15, 2018
There are two types of people: those who prepare and file their taxes on time and those who don’t. If you happen to be on the latter side, you are not alone. But, you better hurry as the deadline is coming down to the wire. Australian Tax Office (ATO) has announced that 31st October 2018 is the final date to submit your paperwork. If you delay your tax returns, then you will be subjected to penalties and fine.
Furthermore, given the fact that many people are due for a refund averaging around $2,000, you may miss out on receiving your money as well. On the other hand, lodging your returns after the deadline will cause you to incur debt and you will be charged interest from the due date until you pay your balance in full.
DO NOT MISREPRESENT YOUR TAX FIGURES
Australian Tax Office has received numerous cases where individuals misrepresented the number of their tax returns to reduce their income tax liability. Therefore, ATO has warned that they have started a crackdown against people who show illegitimate expenses pertaining to business.
ATO is able to check each individual’s occupation and check it against different professionals in the same field. They also have access to bank statements, records, and even your online social media accounts.
Therefore, it is prudent, smart, and recommended that you do not claim more deductions than you are rightfully entitled to under Australian tax laws as you can risk a fine, or possibly a jail time.
THREE IMPORTANT RULES TO CLAIM A DEDUCTION
When claiming a deduction for tax purposes, it can be beneficial for you to keep these three key rules in your mind:
- Ensure that you have expensed out the money by yourself.
- Ensure that the expensed amount is related to your job.
- Ensure that you possess a written record to prove your claim
HOW CAN AN ACCOUNTANT HELP?
If you are having difficulties in getting your paperwork in order and it is delaying the submission of your tax, it can be extremely beneficial for your case to procure services of an experienced tax accounting service provider.
If you live in Melbourne, then you are in luck! We, at Opulent Accountants, offer high-quality taxation services to our clients. Not only we can help you to organize and prepare your paperwork on time, but also aid you inobtaining tax refunds that you are rightfully entitled to get from ATO.
Using our vast experience and knowledge pertaining to taxation laws and regulations, we ensure that you are in complete compliance with tax rules. We provide efficient and reliable services to our clients and charge reasonable rates to ensure that it would not blow your budget.
If you want to learn more about your tax filing, feel free to contact us on:
Phone: +61 (3) 8838 8726
Mobile: +61 (0) 423 272 600Back