The end of financial year can be a crazy time where work becomes busier and stress levels peak. That’s why Maximum Business Solutions has come up with some handy tax tips to see you through to the start of a new financial year.
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Did you know doing your tax from mid-August may actually be easier than doing it now? Go figure! How can this be?
Pre-filling your personalised information can make completing your tax return so much easier, saving you precious time! It also helps save you money by ensuring you get the most out of your tax return minimise and errors you might make on your tax return.
So instead of rushing around like everyone else to get your tax return done and out of the way, consider waiting until mid-August (which is when, according to the Australian Taxation Office (ATO), pre-filled information is usually available) before you lodge it.
- Personalised pre-filled information
- Saves time
- Minimises errors
- Just check the data
How does it work?
The ATO compiles a whole range of your financial information gathered from health funds, banks, employers, government agencies and more. The information is automatically loaded into your tax return and can be accessed by your registered tax agent or via your myTax account.
What if I find an error?
It is very important to check over any pre-filled information for any mistakes and you may have to clarify any mistaken information. This is easily done by calling the ATO on 13 28 61.
Be on the lookout for scams
This is the worst time of year for online scams, as criminals attempt to steal your money or identity.
You should always be wary of emails and phone calls in particular from people claiming to be from the ATO. Scammers could be looking to gain your personal information (e.g. your bank account or Centrelink details).
It’s important to stay vigilant and on guard during this busy period. Watch out for these three common tax scam tactics:
1. Targeting innocent victims
Scammers try to convince you that the ATO owes you money and you need to make a payment to collect that refund. The ATO will NEVER ask you to make a payment to receive a refund.
2. Fear of the government
Scammers may pretend to be the government and demand a payment for a supposed debt. They might even threaten jail time. Note: the ATO will never threaten you with an immediate arrest.
3. Phishing method
This scam involves sending you a fake email that looks like an official email from the ATO. If you receive an email claiming to be from the ATO that looks suspicious, do not respond to the email or click on any links. You can forward the email to ReportEmailFraud@ato.gov.au
Read more about these scams in our blog post.
Rely on a bookkeeper in Melbourne
The Maximum Business Solutions team is a dynamic and energetic one that will make bookkeeping enjoyable (no – really!) Gain back control of your business’ accounts with the support of Maximum Business Solutions. Call us today or organise a consultation!