It has been anything but business as usual in the world of taxation. “The ATO has been very lenient throughout 2020, offering payment arrangements, deferrals of lodgements, remission of penalties and general interest charges, and generally trying to accommodate the difficult financial position many taxpayers found themselves in as a result of the lockdowns and impact of international and state border closures,” says Robyn Jacobson, a chartered tax adviser and senior advocate at the Tax Institute. “But as our economic recovery continues, the ATO is now shifting its focus onto debt recovery and collection, and following up outstanding lodgements, moving back to a ‘business as usual’ stance.”
Given that state of play, here are some expert tips to help you navigate your tax affairs this financial season.
GET IT RIGHT
Optimising your tax refund means maximizing your deductions while being sure not to overcook it and draw the ire of the ATO.
It should go without saying – you can only claim what you’ve spent. “Don’t inflate deductions in order to get a bigger refund and only claim for costs you can prove you spent by producing an invoice, receipt or bank statement, for instance,” cautions Mark Chapman, director of tax communications at H&R Block. “Self-lodgers using the ATO’s myTax program are monitored as they prepare their return by the ATO’s computer systems to ensure they’re not over-claiming.”
Bu hikaye Money Magazine Australia dergisinin June 2021 sayısından alınmıştır.
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Bu hikaye Money Magazine Australia dergisinin June 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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