The tax man waits for no one, and the October 31 deadline for submitting returns is fast approaching.
The good news is that most people who file a tax return end up with a tax refund, rather than a tax bill. In which case, hurry up and remember, one of our friendly J Tax team can help you with the time value of YOUR money. You want that money in your bank earning interest, or paying off your debts, as soon as you can don’t you?
Only those expecting a tax bill – because you did extra work on which tax was not withheld, for example – can sensibly put off doing their tax return until the last minute. If you owe tax, it’s better to keep the money in your bank account for as long as you can, potentially earning interest or using it to paying off other debts, until the tax man takes it away.
Let’s face it, most people aren’t tax enthusiasts. The bigger proportion of Queenslanders for example, will hire one of our J Tax team this year to do theirs, either because it’s just too much of a hassle, or because a later deadline is available for people who file through an agent. More than a million Australians will simply fail to lodge a return at all. Some of these will be rich, tax-dodging cheats. But they will be the minority. Most of these “non-lodgers” will be students or people on low incomes who would have little tax to pay – in fact, they might even get a refund if they did file – but who just find the process too overwhelming.
These people represent only a tiny proportion of tax collections but will get to go around feeling like criminals for no good reason for the rest of the year just because the tax return process is so onerous.
Annoyed at having to give up a weekend to rifle through shoe boxes of dusty receipts? So you should be.
Go to “Meet the Team” on the Menu bar above this page and contact the person at J Tax, most suited to meet your required needs.
