Lodging Your Tax Return: Episode 1 – DIY or Use a Professional?

Posted on March 1, 2018 by ATB Chartered Accountants

ATB Chartered Accountants are tax accounting professionals with over 80 years combined knowledge and experience.

ATB’s ‘Lodging Your Tax Return’ video series aims to answer some of the questions you may have about the tax return process.

 

In this very first episode of ‘Lodging Your Tax Return’, Director Jim Vass considers the option of lodging a tax return yourself versus the benefits of using a tax accounting professional.

Tax season can be an extremely stressful time of year. Tax regulations and compliance requirements can change each year, making it harder for you to know what you can legally claim.

As tax accounting professionals, ATB Chartered Accountants know the right questions to ask to maximise your deductions, while ensuring that all of your tax activities are compliant and legal.

Individual Tax Return Deadlines

One of the first things to consider if lodging a tax return yourself, is that “The ATO imposes deadlines on individuals if they choose to lodge their tax return themselves. That deadline is the 31 of October each year.”

Jim says “This means that between July and the end of October, you have to get all your tax information together and be ready to lodge it before the 31 October.”

Tax Payable

If you’re going to be paying tax, that tax is going to be payable usually within a month of you receiving your assessments.

Jim says “if you’re lodging by the 31 October, typically you’d expect to get your income tax assessment by about mid-November, and it’ll probably be payable by about mid-December. Not a very good Christmas present for you.”

Alternatively you could get a tax professional to help you out.

Extensions for Tax Professionals

The tax office acknowledges that tax professionals have a lot of tax returns to process, and the ATO can offer an extension to the deadlines.

Jim says “Tax professionals may actually get an extension to mid-May to lodge your income tax return. This in turn will extend any tax payable to about mid-June.”

Maximise your deductions

Understanding what can and can’t be claimed as a tax deduction is critical in maximising the deductions in your tax return.

Tax professionals can help you identify potential deductions and maximise your return.

We’re the professionals…

The number one reason to use a tax professional is because we’re great at what we do.

We know the current rules and regulations, the easiest ways to record and report your finances and we can guarantee maximum refunds for you.

Let us help you

ATB Chartered Accountants offer a complete range of tax services. We’re with you every step of the way…

Contact ATB Chartered Accountants now to discuss your Tax needs.

Coming up Next – Episode 2 – What is regarded as income?

In our next episode, Jim discusses what is regarded as income for the purpose of tax returns.


This video is made without consideration of any specific client’s investment objectives, financial situation or needs. Those acting upon such information without first consulting one of ATB’s advisors do so entirely at their own risk.