What you need to know
It's almost 30 June, which means it's time to start getting ready for your 2020 Income Tax Return. As you can appreciate given the current COVID-19 restrictions we've had to make some changes to how we deliver Personal Income Tax Returns this year. But don't stress, we are still making it as easy as possible for you. Let's face it, our office isn't really setup for social distancing. We only have 1 room that we could use that fits within the office distancing requirements, and more importantly the last thing we want is for anyone to get sick from going to get your tax return done! Especially when we can deliver the same service while you enjoy the comfort of your own home, sipping on a wine, in front of the fire with your ugg boots on! Ok, that's how we prefer to do our own tax returns! So this year you have two options :
- Complete an online checklist & have us email you with any questions
- Complete an online checklist & have a phone appointment
If you do desperately need a face to face appointment we will have about 10 available for the year, but given we will need to space these out and clean in between them they won't be offered until later in the year and will need to be charged at a higher price (all other returns completed via phone and checklist will remain at the same price as last year)
We will be starting Tax Returns this year on the 11th July and will stop as usual on the 31st October. The ATO will be processing refunds from the 16th July.
How do I get my return done?
- The 1st step is to complete this simple checklist
- The 2nd step is to provide your receipts (options on that below)
- The optional 3rd step is to book in for a phone appointment
It really is that simple.
Step 1: complete the checklist
Once you have gathered all of your tax documents together simply click this link. Life is busy. Tax is annoying. But you literally can sit back, relax on the lounge and complete our easy checklist. We've designed this to only ask you relevant questions based on your answers.
The questionnaire is designed to help us ensure we are capturing all of your income (ie we ask you how many employers you have had this year), how much you have earned from your investments (if you have any), what you have spent on items you have purchased for work, what donations you have made, whether you have private health insurance, and if you had kids. See, easy peasy.
It's important to note, only start this checklist when you have everything ready. That's copies of your receipts, details of interest earned on your bank accounts for the year. You can't SAVE this simple questionnaire so it's important you don't start it till you are ready with your documents.
Step 2 : provide your receipts (deductions)
You have the option of just listing out for us what you have spent money on for the year and keeping the receipts yourself at home. You can do this in the actual questionnaire OR by sending an itemised list to [email protected]
You can upload copies of your receipts while you are completing the questionnaire, or email them to [email protected] if you have them digitised.
You can snail mail copies to PO Box 2283 DANGAR, NSW 2309, OR you can drop them into the office at 59 Parry Street NEWCASTLE WEST (just pop them under the door if no one is there) make sure your name is clearly written on the envelope.
Step 3 (OPTIONAL) : book a phone time
If you know you have questions you need to ask you can pre-book time to chat to Alan or Steph. You simply need to click this link and book a time that suits. You will then get a phone call from the office number at that specific time, so look out for 0249278982 calling you on the day.
There is no need to book an actual appointment time unless you have specific questions to ask. We will give you a buzz when we are preparing your return if we have any questions.
I've got some questions....
Any questions, email [email protected] or head on over to our FAQ page. It really does have the answer to every question you have.
When will you do my return?
We know you all like to 'book' in to know when your tax return is going to be completed, and we know a lot of you will want your refunds potentially earlier than normal this year. So we've allocated more resources to ensure we can get your returns completed earlier. Alan and Steph will still be the ones preparing all of the returns, they are just getting help from the rest of the team in the pre-work we have to do.
If you complete the checklist by midnight Thursday, we will prepare your return on the Saturday. Now if you are a couple, unfortunately we need to ensure we have BOTH of your returns to complete. And remember we start these on the 11th July.
How do I pay?
We will send you an Invoice once your return is completed. You can pay via Credit Card, Debit Card or Direct into our bank account by simply clicking the link in the Invoice.
How does my return get lodged?
We are using the same Taxation Software as we normally do, which means your Income Tax Return will be emailed to you for approval. You simply need to click the button to follow the prompts and put your electronic signature on the return and finalise. Once you have paid your invoice your return is then lodged directly with the ATO.
Don't forget we've also put together handy little guides on:
- What expenses can I claim as an employee?
- I drive a lot for work, what can I claim?
- I own a rental, how does that work for tax?
- I've got shares, how do I manage that easily?
Tax time sucks. Do you have a magic way to make this process easier? Of course we do! Check out our brand new wealth portal. Designed to not only make tax time a breeze, but also help manage your entire financial life.
The ATO
Some of you may have heard in the Media that the ATO are looking to crack own on Work Related Deductions that employees are claiming in their Income Tax Returns. This is part of a broader overhaul of the tax system.
The ATO are conducting a lot more Audits of Income Tax Returns than they ever have before, and are focusing on the following.
Receipts
This isn't new. If you want to claim a Tax Deduction for something, then you need to have a receipt proving you have paid for the expense. You also need to be able to prove this expense has been incurred in order for you to perform your job. The ATO is actively reaching out to employers when auditing people to ensure the employee is required to have that item to perform their job.
Working from home this year
We've put together a handy guide to help you understand what you can claim if you were required to work from home during COVID. Check it out here.
Motor Vehicle Expenses
The ATO expect to see a lot of vehicle expenses decreasing this year as many people have been working at home during COVID. You need to ensure you have proof of the km's that you have travelled in a year in order to be able to claim a deduction. Simple diary entries are all that's needed showing where you have been using your own vehicle for work.
The key here is that you have the correct documentation. Keep your receipts. Make sure you are recording your km's travelled for work. Make sure you are keeping your 4 week diary for time spent working at home. Make sure you have an itemised phone bill showing work-related vs private and make sure you keep a 4 week diary showing work-related vs private use for the Internet. A little bit of heartache is certainly worth being able to claim the tax deduction.
