All our forms are protected by encryption with a private code needed to access the information. The software which we use requires multi-factor authentication to access, as does our tax agent portal with the Australian Taxation Office.
We keep information acquired as confidential and do not disclose confidential information without permission, unless there is a legal duty to do so.
Best practice is to wait 4 weeks, but it can be done sooner if necessary.
The ATO spends most of July collecting information from employers, banks, health funds and other government agencies. It is best to wait 4 weeks to ensure an accurate return and that your data matches that which the ATO has.
If your income is less than $18,200 you may not need to lodge a return. However, the only way to have tax that has been deducted from your wages refunded is by lodging a return.
Each item in the tax return has its own specific requirements, we will advise you what records you require for your specific return.
The following general rules also apply.
1. you need to keep your records relating to a tax return for 5 years after the return has been lodged
2. if you have an income producing asset such as shares or property you need to keep the details of the acquisition for as long as you hold the asset
3. if your work related expenses exceed $300 you must have written evidence available
The ATO has a 3 page summary on record keeping requirements, this can be found at https://www.ato.gov.au/uploadedFiles/Content/IAI/Downloads/Toolkits/TaxTimeToolkit_Recordsyouneedtokeep.pdf
No problem. We can do returns going back to 2014 at the listed prices. Earlier returns can be prepared and lodged if necessary. Stop putting it off, it won’t go away. Let us help you get up to date.
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