It’s Not Too Late To Get A Better Refund
November 6, 2019
It’s Not Too Late To Get A Better Refund
Following the announcement of the new Low and Middle Income Tax Offset and the hype that surrounded it at the start of the tax year, income tax lodgements through MyTax rose 11% this year, but average tax refunds rose only slightly and more returns have needed to be corrected.
Industry experts have suggested that the difficulty of using the deductions section of MyTax, the rush to lodge returns this year and confusion and fear about what can be claimed are responsible for the lacklustre refunds.
“It’s tied to the offset.” said one leading tax commentator “People rushed to lodge their returns, particularly through myTax and particularly in July, and a lot of people ended up simply not claiming things they could claim – and in some cases, they didn’t claim anything at all.”
But the good news is that people who missed out on claiming things they were entitled to have two years to amend their return from the date they lodged.
If you lodged your own return and would like it reviewed by an expert to see if there’s more deductions you’re entitled to, get in contact with us.
If the ATO then determines you are eligible for more cash, the extra amount will simply be paid into your account just like your regular refund is.
What can your business do to overcome the cashflow, profitability and compliance worries?
With so many customer interactions taking place online, your online customer service has to be first-rate.
A cash flow forecast will give you business intelligence to help you scenario-plan, search for cost-savings and look for strategies that will preserve your cashflow.
Research from MYOB shows nearly half of Baby Boomer business owners are planning to exit in the next 1 to 5 years. But do you have a succession plan in place?
Are you undercharging for your fees? We’ve got the five warning signs that can help you diagnose whether your prices are too low.
The Reserve Bank of Australia has lowered interest rates. What does a drop in interest rates mean for you, your business and your financial opportunities?
Proposed legislation from the Victorian Labor Government could offer your employees the right to work from home 2 days per week. We’ve outlined how to make the most of WFH.
Should you buy or lease your new equipment? Here are some pros and cons of each. We also can review your financial position, cashflow and cost base to decide whether buying or leasing is the right thing for your business.
The ATO’s updated Tax Time toolkit is your 101 guide to business taxes. We’ve summarised the key resources you can find in this toolkit, with links to the ATO site.
You’ve sold your business! But what happens now!? We’ve outlined five potential pathways your post-sale life could take, and how they help you find new goals and lifestyles.
