Compiling your 2019 tax return? Wondering how to do your taxes in 2019? Well, read on…
For a lot of people, the end of the financial year can be a very stressful time. Getting your finances in order can take up a lot of time you don’t have; sorting through and collating relevant documents is universally acknowledged to be tedious and frustrating. Tax return time can also be particularly stressful if you’re relying on a big return to be able to go on your annual holiday.
The team at Online Tax Australia are experts at getting the most out of your tax return, so here is our guide to help relieve some of the stress of tax time.
Tips and Tricks on How to Do Your Taxes in 2019
Claim all your eligible expenses
If you’ve been preparing for your 2019 tax return since the beginning of the financial year, you’ll probably have a folder of receipts for things that you can claim as tax deductible. If not, you might have to dig around to find all of these things to be able to get the most out of your return. Remember, any expense that you incur for work purposes, whether it be a uniform, travel or any tools, can be claimed.
If you work from home in any capacity, you can generally claim $0.52 per hour, which caters for the cost of a desk, chair, and bills like internet and electricity. If you run a full-time business from home, you might even be eligible to claim a percentage of the costs to maintain your house. For this, you need evidence to estimate expenses incurred from working at home, like utility costs, rent, office equipment and stationery.
Get Some Help
Doing your taxes can be complicated and confusing, especially since the laws and regulations are ever-changing, and new tax deductions are constantly cropping up. Most people don’t have time to figure out the intricacies of tax law, which is why a professional tax agent can help you to get the most out of your 2019 tax return, while also easing the pressure and stress of tax time.
Tricking the ATO is a Big No
Be careful not to be careless or try to cheat the system when filling out your 2019 tax return. The sophisticated software the ATO has is bound to pick you up. The last thing anyone wants is for the ATO to come knocking at their door.
Claim On Your Good Karma
If you’ve made a donation to a registered charity of over $2, you can claim it as tax deductible. So, if you made a donation a couple of months ago that you’d forgotten about, pull out the receipt for this year’s tax return.
What’s New In 2019
As of 2019, companies no longer have to issue group certificates. Instead, the ATO are embracing technology by introducing the new Single Touch Payment (STP) system. This new system, which is accessed through your online myGov account, means that you can download your own income statement, which is the equivalent of a group certificate.
Your income statement shows your salary and wages, the tax that has been withheld and your employer-paid super. It is updated each time you are paid. Essentially, it has a lot of the information needed to prepare for your tax return at the end of the financial year. You can download this payment summary and send it to your tax agent and let them do all the hard work of figuring out the nuts and bolts of your 2019 tax return.
Why Use a Tax Agent?
Using a tax agent has a number of benefits: it can save you a lot of time, stress and money.
A common misconception about using a tax agent is that it’s expensive, when in reality it the fees pay for themselves. With a tax agent, you will be able to get the most out of your tax return while also freeing up a lot of your time – after all, time is money. Furthermore, using a tax agent is tax deductible and, using an online tax agent, costs can start at just $89.
With a tax agent, you can also be sure that you will be complying with all the complicated and ever-changing rules regarding tax. You don’t have to worry about getting a call from the ATO in the coming months about something dodgy appearing on your tax return. With a tax agent, you can be sure you will receive a maximum return within the boundaries of the law.
There’s a reason why two thirds of Australians use a tax agent, and now that you know all of the benefits why not use one too? The peace of mind and the money you’ll get back will definitely be worth it.