In case you’ve missed it, tax season for 2017 is in full swing!
It’s great to see so many of you getting yourselves organised, and I’m loving some of the ‘paperwork’ that’s been hitting my inbox – of course this is virtual paperwork…the best kind.
A reminder that The Tax Chic has a very simple App available on both iTunes and Android for you to use, just let me know you’re interested and I’ll get you sorted. This paperless system makes it very easy on you…
Base fees for 2017 tax returns can be found on the home page.
I look forward to helping you!
We spend a lot of time debating the merit of our deductions, but have you ever stopped to consider exactly what is your income?
Every year I find myself chasing clients for their interest earned on forgotten bank accounts, or reminding share holders that a reinvestment of dividends into more shares is still income for your income tax return.
This link to the Australian Taxation Office (ATO) will help you understand the income you must declare. It talks about many different types of income, including some you may not have considered.
Of course, if you have any questions about an amount you receive, you should get in touch with me so I can provide advice to you sooner rather than later.
Have a think…and make sure you declare all of your income!
The PAYG Payment Summary (or your Group Certificate as it used to be known and is still often referred to…) is a statement provided to you by your employer for the financial year.
It includes a summary of information relating to your employment with that employer only, so if you worked for more than one employer, you will receive more than one PAYG Payment Summary.
The primary details on the PAYG Payment Summary include:
- your name
- your address
- your date of birth
- your gross income and allowances received
- any PAYG Withholding
- the period of employment
- the name and ABN of your employer
- the signature of the authorised person
It may also include details of lump sum payments as well as deductions such as union fees or workplace giving.
If you haven’t yet received your PAYG Payment Summary, you are well within your rights to make a request to your employer (by law they should have been provided by 14th July!), but if you are unable to get a response (sadly this does happen), simply get in touch and I can help you out!