AVOIDING A CALL FROM THE TAXMAN

As the end of the financial year rolls around, it's time to start thinking about your tax return. In our little corner of the world, Hills Accounting is the Tax Accountant Hobart turns to for smooth and stress-free ride.

Let's break down everything you need to know about lodging your tax return on time, thereby avoiding "THAT" call from the Tax Department.

Key Deadlines for 2023/2024

First things first – mark your calendar!

For the 2023/2024 financial year, your personal tax return must be lodged by 31 October 2024. Missing this deadline can lead to some pesky penalties, so it's best to get it sorted on time.

For Companies and Trusts, Partnerships and Sole Traders or SMSF's, the deadline will generally be May 15th, 2025, but checking with the ATO or your Tax Accountant is the best way to be certain.

Why It’s Important to Lodge On Time

Getting your tax return in on time isn’t just about dodging fines. There are plenty of reasons to stay on top of it:

Avoid Penalties: The ATO doesn’t mess around with late lodgements. Penalties can add up quickly.
Get Your Refund Sooner: If you’re expecting a refund, the sooner you lodge, the sooner it lands in your bank account.
Future Financial Needs: Planning to apply for a loan or mortgage? Lenders will want to see your latest tax return.
Stay Compliant: Keeping on the ATO’s good side means fewer headaches down the road.

Different Ways to Lodge Your Return

As the saying goes, there is more than one way to bake a cake:

Online via myTax: Quick and convenient, myTax is the ATO’s online platform that guides you through the process.
Using a Registered Tax Agent: Many people prefer the peace of mind that comes with having a pro handle their return. That’s where Hills Accountants come in.
Paper Lodgement: If you’re old school, you can still lodge your return on paper. Forms are available on the ATO website or by mail.

The Benefits of Using Hills Accounting

Why do so many people turn to a professional, just like Hills Accountants in Hobart to get there Tax Returns done the right way?

Here’s why:

Expertise: Tax accountants know the ins and outs of the latest tax laws, making sure your return is spot-on.
Maximised Deductions: Pros can spot deductions and offsets you might miss, potentially boosting your refund.
Time-Saving: Handing over your tax return to an expert frees up your time for things you’d rather be doing.
Peace of Mind: Knowing a professional is handling your return can reduce stress and ensure accuracy.

Some Extra Tips and Tricks

Keep Good Records: Gather all your documents – income statements, receipts, invoices – to make the process smoother.
ATO Resources: The ATO offers a bunch of tools and support services to help you out. Check their website for more info.
Stay Updated: Tax rules can change, so keep an eye on any updates to avoid surprises. Of course having someone like Hills Accounting to keep an eye on it for you certainly keeps you ahead of the game.

So, there you have it. Getting your tax return sorted on time for the 2023/2024 financial year is essential, no matter which approach you take, by paper, or with the help of a pro, being organised and prepared makes all the difference.

And if you’re in Tasmania, remember that Hills Accounting is the Tax Accountant Hobart turns to for expert help during tax time. Happy lodging!

For more information, email us today at admin@hillsaccounting.com.au or call us on 03 6273 7800