Blog Layout
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.
Happy Holidays to our valued clients. We wish you health, happiness, and new beginnings for the year ahead.
Is your business model still fit for purpose in 2024? We’ve picked out five of the key threats that should be on your small business radar.
Are you drowning in business admin? Automation is the answer. We’ll help you identify automation opportunities and choose the best apps to drive an efficient business.
57% of Aussie small businesses are worried about a lack of talent. We’ve shared five key ways to beat the talent shortage and find the workers and key players you need to succeed.
We live in uncertain economic times, with operating costs still on the rise. But by focusing on cost-reduction and revenue-generation, you can protect your business from the worst effects.
How well do you understand what drives your business revenue? We can help you review your numbers, identify your revenue drivers, and what could help grow your total revenue as a company.
Did you know your employees now have a legal ‘right to disconnect’ from after-hours work calls and emails? Here’s what that means for your team communications.
A business cash flow forecast will give you vital business intelligence to help you scenario-plan, search for cost-savings and look for strategies that will preserve your cashflow position.
Let's talk.
Did you know the ATO has a small business portal with heaps of handy advice on managing your business taxes? We’ve highlighted six of the most popular courses.
Take note of our annual office shutdown dates that impact the Small Business Superannuation Clearing House.
Haslam Consulting & Accounting Pty Ltd is a member of the Institute of Public Accountants in Australia.
Liability limited by a scheme approved under Professional Standards Legislation.
Haslam Consulting & Accounting acknowledges Traditional Owners of Country throughout Australia and recognises the continuing connection to lands, waters and communities.
We pay our respect to Aboriginal and Torres Strait Islander cultures; and to Elders past and present.