Top Tips Heading Into Tax-Time
Tax-Time sneaks up on many and can be incredibly daunting for those already busy with managing a business. We’ve compiled a list of a few helpful hints that will help you to stay ahead of the curve.
Double-check those important details
Every year the ATO contacts roughly 400,000 people who have submitted tax returns that contain errors. These errors range from ommiting income, to providing the incorrect bank details. Below is a list of the most common errors made.
- Supplying An Incorrect TFN
- Supplying incorrect bank account details
- Spelling errors in your name
- Not completing spouse details
- Lodging the same return as the prior year
- Providing incorrect income details
Work out how you’re going to claim early
Whether you’re planning on submitting yourself or visiting your accountant – it’s better to decide early. If you’re visiting an accountant ensure you’ve made a booking to avoid unnecessary headaches as the deadline draws closer.
Hint: You can book directly with Moroney & Associates by clicking below.
Be aware of any changes
Every year the ATO makes a series of adjustments to taxation law. This ranges from major overhauls of the claiming system to minor adjustments of what can and can’t be claimed.
Get all of your paperwork in order
Keeping a track of your income and expenditures over the course of the year is important. But if you’ve struggled to keep up on the bookkeeping so far – now might be the time to get ahead. Collating all of your financial information into an easy-to-read system makes it easier to keep track of what you can and can’t claim, meaning you’ll be able to maximise your deductions!
Speak to an expert
If you’re looking for your first accountant, or looking to make a switch, get in touch with Moroney & Associates. We offer a range of tax return options and we pride ourselves on delivering the highest quality of service to businesses and individuals alike.