HOLD OFF on the tax return this year is the advice from Tamworth's Rawson Baker Advisors accountants.
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And, we don't need to be told twice.
Businesses will now submit group certificates straight to the Australian Tax Office's MyGov, rather than send them out to the employee.
Rawson Baker Advisors directors Simon Groth and Andy Chambers reckon it's best to wait until August 1.
"Single Touch Payroll for businesses means you no longer get a payment summary," Mr Chambers said.
"In the past it had to be done by the end of June, but now there's an extra month so it's best for individuals to wait.
"If you lodged a return today and make an error or two, the ATO will pick that up and potentially send you a bill."
A crackdown on deductions means individuals should be particularly careful about what they claim.
Every year the ATO will target a certain industry, and now data-matching capabilities mean it can compare how much one journalist might claim, for example, compared to another.
If those deductions lie significantly outside the norm, individuals are likely to get a knock on the door from the ATO, Mr Groth said.
"Individuals have a misconception about what can be claimed and what can't," he said.
"They can pick up when someone might be being too liberal with their expenses."
There's a slow move toward paperless tax, Rawson Baker Advisors are already trying to instill it with their clients in the first year.
New technology available at the ATO means businesses and individuals can report electronically and digitally submit receipts.
For businesses with assets, the instant write-off allowances has gone up by $5000.
It means tractors, computers, motor vehicles and other assets used specifically for work can be written off as long as the value doesn't exceed $30,000.
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With the drought both Mr Chambers and Mr Groth have been doing a lot of forward-planning with clients.
The pair recommend anyone on the land visit their tax accountant before they find themselves in a difficult financial position.
"It allows clients to see if they're in trouble, or if it looks like they need money in six months they need to talk to the bank now," Mr Chambers said.
"That's so much more powerful than going in seven months when they're already in trouble."
Madeline Link
Madeline Link is a journalist at the Newcastle Herald, with a focus on Lake Macquarie City Council. To keep up with my stories, follow my Twitter @madeline_link, for tips email madeline.link@newcastleherald.com.au.
Madeline Link is a journalist at the Newcastle Herald, with a focus on Lake Macquarie City Council. To keep up with my stories, follow my Twitter @madeline_link, for tips email madeline.link@newcastleherald.com.au.
