With the Federal Election now behind us, the much-anticipated cut to the Reserve Bank's cash rate and the end of financial year fast approaching, CPA Australia has again turned its mind to Tax Time 2019.
CPA Australia is once more seeking to help Australians ensure they make the right economic decisions before year end, to claim what they are legally entitled to claim, and to provide some tips on what to watch out for this tax season.
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Tax can be confusing and with a complex and ever-changing system, there are always new issues and topics of which to be aware. CPA Australia's 2019 Tax Time Tips will assist you - whether you are a small business, an employee, an investor or even a student.
Each tax time brings the opportunity to review your tax affairs and get professional advice from registered tax agents, including CPA Australia public practitioners.
CPA Australia's head of external affairs, Paul Drum said "if you run a business then it's always wise to get your tax affairs in order and check that you're up to date on employee payments, superannuation contributions, asset purchases or trust obligations by 30 June. After 30 June is when you need to bring your records together and get to a tax agent to lodge your income tax return.
"It is important to be aware that the ATO is continuing its focus on small business and individuals through a number of compliance initiatives, and has additional funding to examine the cash economy and whether the information in tax returns is correct," he said.
"The ATO has indicated that small businesses are underpaying income tax by around $10 billion per annum, while the tax gap for individuals is estimated at $8.7 billion per annum. That's a lot of outstanding tax," said Drum.
Drum added "the increasing use of pre-filled data in tax returns from third parties such as banks and the shift to single touch payroll means that many tax returns may not be ready for lodgment until late July - or even mid-August if you have private health insurance. It's best to wait until you have all your appropriate data before lodging. Otherwise, you might need to amend your tax return and pay additional tax later."
