Latest news with #taxagent
SBS Australia
11-07-2025
- Business
- SBS Australia
Things you should know before sending money from Australia to Nepal
Subscribe to the SBS Nepali podcast here . Disclaimer: We would like to inform you that the opinions expressed in the segment are those of the talents themselves. This information may not be appropriate for you - contact your tax agent or financial advisor for accurate advice on your situation.
SBS Australia
01-07-2025
- Business
- SBS Australia
SBS Nepali Finance Talk: What's ahead for Australia's property market?
Subscribe to the SBS Nepali podcast here . Disclaimer: We would like to inform you that the opinions expressed in the segment are those of the talent himself. This information may not be appropriate for you - contact your tax agent or financial advisor for accurate advice on your situation.
ABC News
29-06-2025
- Business
- ABC News
When is tax time? When is my tax return due? Will I get a refund?
A new financial year begins tomorrow, meaning it's time to start thinking about your tax return. Some people look towards this time with dread, while those who bank on getting a tax refund may be rubbing their hands together with glee. Whatever the motivation, many of us just want to get it over and done with. Here's what you need to know before you start. Each new financial year starts on July 1 — which is tomorrow. It'll be the 2025-26 financial year. Technically, you can lodge your tax return for the 2024-25 financial year from tomorrow. But experts reckon it's best not to rush into it. "Wait until the end of July," Australian Taxation Office (ATO) assistant commissioner Rob Thomson says. "We'll have pre-filled a lot of the information in for you, [which] makes it easier to get it right the first time," Mr Thomson says. This might include your earnings for the last financial year from your employment and interest you've earned from your bank account. That depends on whether you're doing it yourself or if you're going through an accountant. If you're lodging your tax return yourself, it's due October 31. But if you're going through an accountant, you may get more time. "You need to make sure that you are on their books by October 31," an ATO spokesperson said. "You should contact your tax agent to discuss by when you will need to lodge your return." If you've already got a tax file number, you can find it in the federal government's myGov app if you've linked your account to the ATO. Tap the "Services" icon on the bottom right-hand corner and click the "Australian Taxation Office" link. The next screen that pops up should have a "Find my TFN" icon to press. But you can also find it on your tax returns from previous years, your pay slips or an account statement from your super fund. If you earned less than $70,000, you may be eligible for a free service called Tax Help. The program matches people up with accredited volunteers who help them lodge their tax returns online. You can find out more about this free service on the ATO's website. You can fix it after lodging. "If you forgot to report any income, capital gains or deductions, don't worry," the ATO said on social media. "You generally have up to two years to amend your tax return." That depends on your personal circumstances. You only get money from the ATO if you've paid more tax than you should have throughout the year. This money is called a tax refund. But if you've paid the right amount of tax, you won't get any money back from the ATO. And it's possible that your tax assessment will say you actually need to pay the ATO money and you'll end up with a tax bill. If that's the case, there are options available to you if you can't afford to pay your bill off in one go — this ATO website lists the ways you can get help coping with a bill. That depends on how you lodge your tax return. Here's how long the ATO says it generally takes to process tax returns: Once the ATO processes your return, you'll get what's called a notice of assessment. If you're entitled to a refund and you have provided the ATO with your bank details, that money will be transferred to your bank account. "We usually see payment processing times of around three business days from when we issue the notice of assessment," an ATO spokesperson said. "This timing is dependent on your bank and how long they take to process that into your account." But if you've gone via an agent and didn't pay an up-front fee, it might take longer. That's because some agents will instruct the ATO to pay the refund into their account, when they'll deduct their fee and then pass on the rest of the money to you. If you haven't given the ATO your bank details and are expecting your refund via cheque, you'll probably be affected by the new rules that came into effect in January. Those rules state that the ATO can hold on to your refund for up to 90 days while they contact you, asking for your bank details. If you give them your bank details — or your accountant's — the ATO will transfer your refund into that account. Otherwise, if you don't give the ATO your bank details within those 90 days, you'll eventually be sent a cheque. Yes. But it could take much, much longer this year because of the new 90-day rule we talked about above. This is part of the federal government's plan to phase out cheques. The ATO will stop issuing refunds via cheque in 2028. Its preferred method of paying out refunds is via what's called an electronic funds transfer (EFT) — which means putting the money directly into your bank account. "EFT payments are faster and more secure than cheques," the ATO's website says. But, in order to do this, the ATO needs your bank details so it can specify which account to put that money into. "We'll only use these account details to deposit refunds and ATO-held super," the ATO says. "We don't use them for direct debits."
News.com.au
27-06-2025
- Business
- News.com.au
20 tax mistakes Aussies make each year
From dodgy deductions to missed refunds, these are the biggest blunders Aussies make at tax time, and how to dodge an ATO disaster. less than 2 min read If you're not using a registered tax agent, your deadline is October 31. After that, late lodgers can be hit with $275+ fines, compounding every 28 days. Using a tax agent can extend your lodgement deadline — but only if you've registered with them by October 31. Photo: Supplied The fix: Lodge early, or link with a registered tax agent through myGov before the cut-off. Photo: Supplied If you have investments, crypto, rental income, multiple jobs or business expenses, it's easy to make a mistake. But many Aussies still self-lodge without knowing the risks. A tax agent can help maximise your deductions and reduce audit risk, and their fee is deductible next year. Photo: Supplied The fix: If your return goes beyond basic wages, consider getting help. It might save you thousands in the long run. Photo: Supplied
SBS Australia
25-05-2025
- Business
- SBS Australia
Tax time countdown: Six things you should start doing now
With the end of the financial year approaching, some experts say you should start preparing your tax return. Source: Getty / Natalia Gdovskaia It's never too early to plan, especially for what can be a long and tricky tax return proces. This financial year will finish in over a month, at the end of June, and Australians will have four months to lodge their tax returns — preparing for this early may save you time and money. Masoud Habibian, an accountant and tax agent in Australia, said this may be a "good time to start" to "prepare and review" your tax lodgement. Here are a few tips that may help you in preparing for your tax return: First of all, make sure your information in your myGov account is updated, the account is linked to the Australian Taxation Office (ATO), and it is working. "Make sure that all the data, like your bank details and personal information, is updated," Habibian said. "Make sure that you have a strong verification [system] in your myGov ... If it is actually working, and it has been linked properly, [and] you've got access to it. "Make sure that you've got a good and secure access to the personal information and documents within myGov." In addition, he advised that if you have forgotten your password, changed your phone number or are facing any other difficulties, it's important to resolve them early, as the process may be significantly more time-consuming during tax time. Preparing all those old receipts as proof for your work-related deductions can also save you time and money on your tax return. According to Habibian, finding and keeping receipts of work-related purchases, like "tools, uniforms, equipment, computer, education expenses, car expenses, donations," etc, are important. "[Gathering] all the receipts and all the documents related to the income and expenses is very important," he said. "A common issue we see is missing receipts or documents, especially for work-related expenses. Make sure that you're storing the receipts digitally." In general, there are two different methods you can use to claim your work from home-related deductions: First, gathering all the information about your expenses for the time you worked from home, and second, providing the total hours you worked remotely to the ATO. Habibian suggests gathering this information as soon as possible. "Sometimes it might be a bit time-consuming to find the detailed record of a daily log of the hours that you worked from home, and also evidence of the expenses like electricity, internet, and phone," he said. "This document actually takes more time to collect and provide to the tax agent." If you own a business and have not yet separated your personal and business expenses, this might be a great time to start, as it may take up a lot of your time. "Separating your personal [expenses] from the business expenses would be highly important," Habibian said. "Most of the people have their personal and business expenses mixed, and it will take a huge amount of time to separate them." Generally, the distinction between personal and business expenses is straightforward. Purchases intended for business use are deductible business expenses, while items bought for personal use are classified as personal expenses. If you have an item that serves both business and personal purposes, like a laptop or a phone, you can only deduct the portion used for business. With only one source of income and a limited number of work-related expenses, the tax return process may not take much time. However, if you have multiple income sources, Habibian said you should start your preparation sooner. "If you have an investment property, you need to gather information," he said. "Make sure that you are focusing on the rental property claims as well ... That would actually be a bit time-consuming. You need to have a chat with your real estate agent. "You need to start from now." The same goes for other investments like cryptocurrencies. "If you have crypto that is in the radar of the ATO, you need to gather information about it ... If you are trading crypto, you must report it even if you have made a loss," he said. Tax time starts on the first of July each year and finishes by the end of October. By mid-July, once employers and banks have submitted more information to the ATO, the prefilled data will be available for your tax lodgement. "Many people rush to lodge on the first of July ... But you should avoid loading these documents too early. "This reduces the errors and avoids later amendments." The information in this article is general in nature and is not intended as financial advice. You should consult with a licenced professional to make the decisions that are right for you.
