News

Green light for lodging but check details first

THE Australian Taxation Office (ATO) has now pre-filled tax returns and given taxpayers the green light to lodge their return.

ATO Assistant Commissioner Rob Thomson says you need to ensure the amounts are correct and make sure all your assessable income is included.
“Before you lodge, make sure all your details are up to date. This includes your contact, address and bank details,” he said.
“If you plan to claim deductions this year, make sure you have the right records.
“In most cases, a bank or credit card statement (on its own) isn’t enough evidence to support a work-related deduction claim – you’ll need your receipts. No proof, no deduction.”
Taxpayers are also reminded that rules around how and when you can claim a deduction can change, including car expenses and working from home costs.
Mr Thomson said make sure you don’t just ‘copy and paste’ your deductions from last year, because you might be missing out on everything you’re entitled to.
Check out ato.nsw.gov.au to find out about what you can claim.
Even if you use a registered tax agent, you’ll still need to make sure you have all of your records to substantiate your claims. Remember that you are ultimately responsible for the information provided in your tax return.
If you lodge your own tax return, the due date to lodge is October 31. If you use a registered tax agent, you may have some more time to lodge. Make sure you contact your registered agent before October 31.
“Most taxpayers will have their tax returns finalised within two weeks. This process can’t be sped up, even if you call us,” Mr Thomson said.
You can keep track of your return by logging into the ATO app or ATO online services through myGov, regardless of whether you lodged yourself or through a registered tax agent.
Mr Thomson said they recognised that many people expected a refund at tax time, but remember that for most people, any refund you received was a result of too much tax being withheld or paid throughout the year.
“It is important to note that any estimated refund is an estimate only and there are a number of reasons your actual refund may look different,” he said.
“For example, you may receive a lower refund than you’re expecting if it’s used to offset a debt you have with the ATO or another government agency.”