Happy New Financial Year that is!
Tax time is here and no doubt you have many questions.
So here is a quick guide to 2019 tax time:
1) ATO tax return processing dates and time frames
Wednesday 26th June to Friday 6th July:
The ATO has started accepting 2019 tax returns lodged electronically and will review those returns to ensure they are processing correctly on their end
Friday 6th July:
ATO will start full processing of 2019 income tax returns
Tuesday 16th July:
Taxpayers will start to receive their notices of assessment and refunds
We have been advised that the ATO expects to process tax returns within 12 working days, so allow 2-3 weeks from date of lodgement.
2) Not yet legislated tax changes
You may have heard in the press and media that there are still a few yet to be legislated tax changes that were announced by the government in the April budget.
The main one being the "Low and middle Income Earners tax offset" with the previously legislated base amount to increase from $200 to $255 and the maximum amount to increase from $530 to $1080. This tax offset can only be claimed through lodging your tax return.
What does this mean:
Parliament is sitting this week and the government seeks to get the amendments through the Senate as quickly as possible. However any tax returns lodged prior to those changes becoming law, tax returns will be processed by the ATO based on the existing rules, ie with the lower tax offset amounts. Should the changes become law later, any returns already processed will be amended by the ATO automatically at a later date.
So it may be worth holding off on your lodgement until after the changes pass into law.
3) PAYG payment summaries / Single touch payroll
As Single touch payroll was rolled out last year to large employers, you may not be receiving an actual PAYG payment summary, as you would have in previous years.
Single touch payroll means that the employer reports wages and tax information directly to the ATO each payrun, so the ATO will already have the required information. You can also access this information via your MyGov account, if you have one and it is linked to the ATO, or if you are using a tax agent (preferred method :-) ), then your tax agent will also have access to that information via ATO pre-filling data.
Please also note that large employers have until 14th July to finalize your single touch payroll data, with small employers who started reporting using single touch payroll not having to finalize until 31st July.
This means it is essential you defer your tax return lodgemend until you see the "tax ready" message in your MyGov income statement report.
4) Changes to superannuation:
1 July 2019 also marks some significant changes to super accounts, in particular around default insurance, low balance accounts and inactive accounts.
Moneysmart has a good summary, which you can find here:
We recommend that you take independent financial advice for any questions super related.
5) Ready to go - here is how we can help:
2019 Individual Tax Returns:
Call us or email for an appointment, we are personal tax return specialists and can assist with all aspects of your tax compliance requirements, including past and overdue returns.
Our process is simple and straight forward:
- call us or email to enquire
- book and appointment to come to our office
- alternatively we can accept your tax return information electronically
- use our tax return checklist to collate the required information
- we can work with dropbox and google drive
- fees start from $165 for PAYG returns, or from $330 for investments or property returns
- Individual client details form
- 2019 checklist
- Tax Agent appointment form
2019 Business Tax Compliance:
We offer all prospective new business clients a free 1/2 initial consultation, confidentiality guaranteed. Our professional accountants and tax agents have many years of experience, continuous professional development and education, combined with employing the latest technology to service your specific requirements.
We can work with the following accounting software applications:
- Quickbooks online
- Reckon Hosted or Desktop
- Wave apps
- if you are using a different system, just ask how we can help
We quote individually for all business engagements prior to commencing any work.
- Business client details form
- Tax Agent appointment form
No Advice disclaimer:
Important: The information provided on this website, www.hendersonco.com.au and any subdirectories, information posts published on www.facebook.com/GHendersonCo and www.instagram.com/ghendersonco/ are not advice.
Clients should not act solely on the basis of the material contained on this website and the above social media pages. Items herein are general comments only and do not constitute or convey advice per se.
Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas.
This website and social media posts are published as a helpful guide to taxpayers and for their private information.