INFORMATION FOR TAX RETURNS: HOW TO PREPARE FOR 2020 EOFY
It’s that time of year again – it’s tax time! For many people, this is an exciting time of year where we get back some of that hard-earned cash that was taken out of every fortnightly pay. For others, this is just about the least fun time of year, when not only do we have to muddle our way through complex ATO forms but we may even end up with a tax bill.
The Kalculators are here to make the tax returns process a whole lot easier. In this article, we’ll let you know what is required in terms of information for tax return lodging. Plus, we’ll share with you our tips for preparing for your 2020 EOFY tax return so that it’s quick, easy and as profitable as possible.
Don’t want the hassle?
Let The Kalculators do your tax return from just $60
Information for tax return overview:
- When can I lodge my tax return?
- Is doing your tax return online easy?
- Should I do my own tax return?
- What do I need to bring to my tax appointment?
- How soon can I get my tax refund?
When can I lodge my tax return?
You have from 1 July to 31 October to lodge your tax return for the previous financial year. However, the sooner you lodge your return, the sooner you’re likely to receive any funds owed to you by the ATO.
If you’re going to use a tax accountant, it’s a good idea to schedule your appointment as soon as you can, as this will be their busiest time of year. You can easily book a consultation with The Kalculators online for a day and time that suits you, as we have many out of hours time slots available.
Is doing your tax return online easy?
You can lodge online with myTax through myGov. There is a certain amount of setup required before you’re actually able to access the necessary online forms. The forms themselves take some time to fill in and you’ll need to have ready with you details of your earnings and any business-related expenses incurred throughout the year.
The easiest way to complete your tax return is to meet with a certified tax agent, as they will be able to explain what’s required in simple terms and secure you the maximum refund to which you’re entitled. When the cost is as little as $60 (for a basic individual tax return handled by The Kalculators), it’s a no-brainer! No complicated forms for you to fill in, no late-night frustration at technology, just your money in your account when you need it.
Should I do my own tax return?
Sure, you can do your own tax return. Lots of people do! However, if you’re someone that isn’t comfortable with online forms or maths, why not get a professional to sort it out for you? You could be saving yourself an entire evening of frustration when you’d much rather be building your business or watching that new show everyone’s talking about on Netflix.
What do I need to bring to my tax appointment?
Your tax professional will need to put together an income statement for you for the previous financial year. Essentially, this is proof of any money you’ve made during the year. This information for tax returns includes but is not limited to:
- PAYG Payment Summaries (previously Group Certificates) – your employer will provide you with this.
- Payment Summaries from Centrelink
- Eligible termination payments
- Share dividend statements
- Any money made from the likes of Uber, AirBnB or Stayz.com
- Annual tax statements from trusts, managed investments, property and cash management trusts
- Income and expenses from investment properties
Your tax professional will then need to develop a statement of deductions or business expenses. This information for tax return includes but is not limited to:
- A list of work-related expenses (with receipts).
- Interest and fees on investment loans
- Business donations to charities
- School building levies and library funds
- Accountancy fees charged for previous year’s tax return
- Insurances, e.g. income protection, sickness and accident, private health
- Superannuation contributions (over and above mandatory payments)
If you’re not sure, give The Kalculators a call on xx and we’ll happily talk you through what to bring.
How soon can I get my tax refund?
Electronic returns are normally processed within two weeks. Paper returns take much longer. Once the ATO has processed your tax return, you’ll be issued a notice of assessment telling you if you’re entitled to a refund or whether you have a tax debt to pay.
As one of Adelaide’s top accounting firms, we work hard to get the best results for our clients – that means maximum refunds and minimum waiting time. We deliver expert accounting services Adelaide residents trust. So, for quick and hassle-free tax returns, starting from $60, contact The Kalculators today. Book your tax consultation at a time that suits you at one of our seven office locations. Book now.