I know from experience there are many of you who love to get your tax return prepared and lodged as soon as possible after the end of the financial year.
That’s a good thing too…it means you won’t forget to lodge it and reduces the chance of panic at a later date, plus if you are entitled to a refund…the sooner you lodge the sooner the cash is in your hand (did I hear someone say shopping?)!
Having said that, one of the advantages of waiting a few weeks is that it gives the Australian Taxation Office (ATO) a chance to collate the information provided to them on wages, interest and dividends (among other things) by your employer, financial institutions and public companies.
This information is summarised into a report called the “Pre-Filling Report”…and it’s a great tool for those who have multiple jobs during the year or have trouble keeping track of interest and dividends!
Regardless of when you lodge your tax return, be sure to provide as much information as you can to your tax agent…doing so will give you the best chance of ensuring your return is accurate and that all deductions you are entitled to are claimed!
If you’d like to engage the services of The Tax Chic to prepare and lodge your tax return, please complete our Contact form.