It’s almost tax time…are you ready?

I know from experience there are many of you who love to get your tax return prepared and lodged as soon as possible after the end of the financial year.

That’s a good thing too…it means you won’t forget to lodge it and reduces the chance of panic at a later date, plus if you are entitled to a refund…the sooner you lodge the sooner the cash is in your hand (did I hear someone say shopping?)!

Having said that, one of the advantages of waiting a few weeks is that it gives the Australian Taxation Office (ATO) a chance to collate the information provided to them on wages, interest and dividends (among other things) by your employer, financial institutions and public companies.

This information is summarised into a report called the “Pre-Filling Report”…and it’s a great tool for those who have multiple jobs during the year or have trouble keeping track of interest and dividends!

Regardless of when you lodge your tax return, be sure to provide as much information as you can to your tax agent…doing so will give you the best chance of ensuring your return is accurate and that all deductions you are entitled to are claimed!

If you’d like to engage the services of The Tax Chic to prepare and lodge your tax return, please complete our Contact form.

Regards

Secondary school for me seems like so long ago…20+ years in fact!

But when a friend recently sent me a meme via Facebook… “Things I never learned in high school”…I remembered that I didn’t actually learn these things either!

I can’t imagine what it must be like these days to transition from school to university or the workforce, or what it’s like to grow from being a teenager to an adult – there seems to be so much more going on in the world now than there was for me, and it actually makes me glad I’m already an adult (even if I don’t always act like one…?!)

The meme made mention of the following tasks:

• how to do taxes
• what taxes are
• how to vote
• how to write a resume/cover letter
• anything to do with banking
• how to apply for loans
• how to buy a car or a house…

If you have a secondary school student in your family, I’d encourage you to talk to them about these things, and take a look at another initiative of the Australian Taxation Office called “Tax, Super + You”, you can find the link here.

It doesn’t address all the things listed above…but it’s a great place to start!

Regards

Do they have a Tax File Number (TFN) yet?

It doesn’t take long for the years to go by and for kids to progress from receiving pocket money to having jobs of their own…as soon as they start working, they need a TFN.

If your school is part of the Secondary School TFN Program with the Australian Taxation Office (ATO), then I highly encourage you and your teenager to utilise the service to apply for a TFN.

The Secondary School TFN Program is the easiest way for secondary school students to apply for a TFN, as it removes the requirement for sending off original documentation as proof of identity since this can be confirmed via the school’s records.

To check if your school is part of the program you can ask the careers advisor or office staff, if they are unsure, or if your school would like to be involved, simply contact the Community Education and Assistance area of the ATO by phoning 13 28 69 (Monday to Friday).

Regards

Even though it’s “Friday the 13th”…I don’t want to scare you!  But I do want to warn you…identity crime is on the rise, and it’s an area everyone could do with taking into consideration, particularly with the increased amount of cyber activity!

Identity crime occurs when someone commits a fraud or crime using an identity which has been stolen or manipulated, or in some cases a new/false identity can be created with the use of stolen information.

Criminals often start with some of your basic information which can lead to rather detailed crimes, and the potential to have a significant impact on your financial situation and your lifestyle.

The Australian Taxation Office (ATO) have some great tips and advice for protecting your identity, the link can be found here, and includes a short video and an online security questionnaire.

Of the items that make up your personal information, one of the most important is your Tax File Number (TFN).  You should only disclose your TFN when absolutely necessary and with people or organisations you trust.

And of particular interest to me…is the advice from the ATO to ensure your tax agent is registered!  You can check registration details by searching the Tax Practitioners Board website (I promise you’ll find me there!).

On a lighter note…has anyone seen the movie “Identity Thief”?  I just love Melissa McCarthy!

Regards