• Wanting your tax return completed early? Consider this first…

    June 8, 2019

    Taxpayers in a rush to file their tax return early with the ATO this year face an extra level of complexity due to the results of the federal election. The coalition is yet to pass legislation increasing the low-and middle-income tax offset, which are set to apply for the 2019 income year.

    This change, once passed in early July, will mean that eligible taxpayers can receive up to an extra $530 for singles, or $1,080 for couples.

    It is expected the the ATO will automatically amend lodged returns after the change has passed.

    A number of people are becoming increasingly reliant on ATO prefilling data to complete their returns, and often this information is incomplete very early in July. Unless you are 100% certain you have all of the information required to complete your return, it may be wise to wait until all of the information is available.

    The ATO is definitely increasing its focus on work-related deductions and adopting a conservative approach to claiming them is prudent. Ensure you have all receipts, logbooks, bank statements, diaries and other documentation to support all of your claims in case of an ATO request. If in doubt of your eligibility to claim or what substantiation is needed to claim any deductions, please contact our office.

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