How does Amaze Accounting help you with your Individual Tax Return?
Amaze Accounting is a CPA Practice and Amaze Tax is a Registered Tax Agent to provide advice on tax-related matters, including lodging individual tax returns. They can assist you in a variety of ways:
Help you understand the tax laws and regulations that apply to you
Tax agents are experts in tax laws and regulations and can help you understand how they apply to your individual circumstances. They can also provide guidance on how to minimize your tax liability within the limits of the law.
Collect and organize your financial records
Tax agents can assist you in collecting and organizing all of the financial records that are required to complete your tax return, such as salary statements, invoices, receipts, bank statements and other relevant documents.
Calculate your tax liability
Tax agents can use their knowledge of tax laws and regulations to calculate your tax liability and ensure that your tax return is completed accurately.
Help you claim eligible tax deductions and offsets
Tax agents can help you identify and claim eligible tax deductions and offsets that you may not be aware of. For example, they can help you claim deductions for expenses related to earning your income, such as work-related education, or for certain types of investments.
Lodge your tax return
Once your tax return is completed, the tax agent can then lodge it on your behalf with the Australian Taxation Office (ATO).
Provide representation in case of an ATO audit
Tax agents can provide representation if your tax return is selected for an ATO audit and assist you in responding to any queries from the ATO.
Provide advice on tax planning
Tax agents can also provide advice on tax planning strategies to help you minimize your tax liability in the future. For example, they can advise you on how to structure your business or investments to reduce your tax bill.
Communicate with ATO on your behalf
In addition to lodging your tax return, a tax agent can also communicate with the ATO on your behalf, if you have any questions or issues related to your tax return.
By using Amaze Tax to assist you with your individual tax return, you can be confident that your return is completed correctly and lodged on time, and that you are taking advantage of all available tax deductions and offsets. Amaze Accounting together with Amaze Tax can save you a lot of time and ensure that your tax affairs are in order.
FAQ
Who is required to lodge a tax return?
In general, all individuals who have received income during the financial year, including salary and wages, are required to lodge a tax return. However, there are some exceptions, such as if your total income is below the tax-free threshold.
When are tax returns due?
The due date for lodging individual tax returns is generally the 31st of October of the following financial year. However, if you are using a tax agent, you may have additional time to lodge your return.
What information do I need to include in my tax return?
You will need to include information on all income received during the financial year, such as salary and wages, and any tax-related deductions or offsets, such as work-related expenses, charitable donations or medical expenses. You may also need to include information on foreign income, rental properties, shares and other investments.
How do I lodge my tax return?
You can lodge your tax return online through the myTax portal on the ATO website, or through a registered tax agent. You can also lodge a paper tax return, but this is becoming less common.
Can I get an extension for lodging my tax return?
You may be able to request an extension for lodging your tax return if you are experiencing difficulty in meeting the lodgment due date. But you will need to apply for the extension in advance and the ATO will consider your application.
What happens if I don’t lodge my tax return on time?
If you do not lodge your tax return on time, you may be subject to penalties and interest charges. Additionally, the ATO may take legal action against you, which can result in fines and even imprisonment.
Can I get help with my tax return?
Yes, you can get help with your tax return from a registered tax agent or from the ATO. They can assist you with understanding your obligations and ensuring that your tax return is completed correctly.
