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Struggling to meet the October 31 tax return deadline? Here’s what you can do…

Struggling to meet the October 31 tax return deadline? Here’s what you can do…

It is pretty hard to believe that we are already in the final quarter of 2018!  For individuals, the deadline for lodging your tax return is 31 October (if you are planning on doing so yourself) – only a few short weeks away!  If you think you may be cutting it fine to get it done on time, here are a few tips to help get the process underway.

Keeping your tax records

Whether you are expecting a tax refund or a tax bill, it is important to maintain good records.  If you have been a bit slack in doing so (let’s face it, we’ve all been there), it’s never too late to start.

The trick is to use an organised filing system / folder or electronic copies of relevant documents in the same place throughout the year.  Don’t forget to keep any payment summaries from employers, receipts you need to substantiate deductions, log books for travel expenses and anything else that is necessary for your tax return.  For businesses, you should ideally be using accounting software such as Xero / MYOB / Receipt bank to maintain your records.

When tax time comes around, you will have what you need to lodge accurately and in a timely manner.

Engage a Tax Professional

Not everyone is aware that if you engage a registered Tax agent to prepare your tax return, that the October 31 deadline is generally extended.

For most individuals / businesses, this may sometimes give you until May the following year to lodge your tax return.  This is a great option particularly if your tax return is a little more complex than most, for example with investment properties, larger deductions or varied sources of incomes.

Getting in touch with the a Tax professional means you can rest assured knowing you’re likely to get the maximum refund (where applicable) or ensure that you are not overpaying tax.

If you need assistance with your tax return obligations, whether business, personal or otherwise, get in touch with McKinley Plowman today on 08 9301 2200 or visit www.mckinleyplowman.com.au

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