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new-financial-year

New Financial Year

New Financial Year

Next deadline is Oct 31

A new financial year and tax season starts from today.

The deadline for lodging your tax return for the next fiscal year is October 31st, but if you use a Registered Tax Agent, the deadline is usually later.

Director at PDF Accounting Janine Daniels says COVID has meant that they've had to adjust how they meet with clients, but it hasn't stopped people seeking their services.

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For any locals or businesses that have ever struggled to get themselves and their paperwork in order prior to the lodgment deadline, Ms Daniels has some tips;

"One tip is to download the ATO app, which allows you to upload receipts that you've bought during the year."

"It also has a motor vehicle app built within it that allows you to track all of your business kilometres for work."

She says the key is making sure that you don't leave everything to the last minute.

"You should be keeping all of your receipts as you go and this app allows you to take photos of your receipts and stores it within the app, so at the end of the year, even if you've lost the receipt, it's there for you to upload and email to your accountant," says Daniels.

According to the Australian Tax Office, they start full processing of 2019–20 tax returns on July 5th and expect to start paying refunds from July 16th.

They aim to finalise the majority of electronically-lodged current year tax returns within 12 business days of receipt.

Information for those wanting to get on top of their tax can find more information through the Australian Taxation Office website.

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