Lodging a Tax return is always considered as a frantic procedure for most of the people due to the complexity involved in it. To avoid any panic at the last moment this is the time to get ready and updated for tax return 2019.
Methodologies of keeping records will vary from entity to entity. In case of Individual, basic expenses or deductions related to work are the most important records. Companies need to follow a guided procedure stated by ASIC and so on. Due dates for companies are structured on ATO website. For more info visit https://www.ato.gov.au/tax-professionals/prepare-and-lodge/due-dates/june-2019/
A list of Relevant documents and records you need for lodging tax returns 2019:
- Payment Summary
- Pay slips
- Centrelink Statement
- Child Support Agency Statement
- Superannuation Summary
- Bank Statements
- Shares and dividends records
- Rental property records
- Income from foreign sources
- Private health insurance policy statements
- Business Income and related expenses
It’s important to keep documentation for all your income and expenses. There are plenty of ways of keeping the records and receipts of all the transactions. For ATO purposes, it is advisable to keep transaction receipts for 5 years which could easily be possible to store on your computer or with your tax agent in Australia. In case of audit, ATO may ask for documents or receipts of past years, within a period of 5 years.
Every year ATO makes changes on how an Individual should lodge a tax return and what documents must be produced. At My Tax Refund Today, we understand the complexity and follow the guidelines of ATO for tax returns 2019 and try to maximise your tax refund
It is always recommended to ask our experts for professional advice in lodging tax returns 2019 in order to avoid any complications in your tax return and avoid penalties by the ATO. Most of the individual are not updated about the changes made by ATO each year while lodging the tax return. Eventually, they miss on some necessary disclosures or even claiming tax back. This is a common mistake noticed amongst individuals. In the 2019 financial year, let’s not make that mistake again and seek some professional advice from experienced and Senior Accountants of My Tax Refund Today. We will help you to lodge your 2019 tax return and will also maximize your Tax Refund as per ATO norms.
We at My Tax Refund Today provide online tax refund solution for financial year 2019 throughout Australia. We may also offer you on the spot Refund which means you can get part of you tax refund within 1 hour* if you’re eligible.
For more information on Tax return 18, Please contact My Tax Refund Today on 1300 698 297 Or email us on info@mytaxrefundtoday.com.au, a tax expert will be able to help you
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