Can I Do My Own Taxes
Filing taxes is one of the most important activities that every business or working individual needs to accomplish. Though, it is challenging for some people to do. A lot of questions are being asked about taxes and one of which is whether you can do your own taxes. The short answer to this question is: Yes, you can. However, there are some things that you have to consider before you do. Keep in mind that the Australian Taxation Office keeps a close watch of the files submitted to them. Here is a comprehensive guide on how you can do taxes on your own.
Filing taxes is one of the most important activities that every business or working individual needs to accomplish. Though, it is challenging for some people to do. A lot of questions are being asked about taxes and one of which is whether you can do your own taxes. The short answer to this question is: Yes, you can. However, there are some things that you have to consider before you do. Keep in mind that the Australian Taxation Office keeps a close watch of the files submitted to them. Here is a comprehensive guide on how you can do taxes on your own.
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
CAN I DO MY<br />
OWNTAXES?
<strong>Can</strong> you do your own taxes?<br />
The short answer to this question is: Yes, you can.However,<br />
there are some things that you have to consider before you<br />
do. Keep in mind that the Australian Taxation Office keeps a<br />
close watch of the files submitted to them. The ATO has<br />
announced a warning regarding the expansion in its data<br />
matching and real-time monitoring. This enablesthe ATO to<br />
easily identify any suspicious claims or dodgyreturns.
What does the expansion in the data matching<br />
and real-time monitoringmean?<br />
This means that the ATO will be able to identify anyone who<br />
has been erroneously holding out on additional income,<br />
inflating costs or deducting items regardless if it is done on<br />
purpose or accidentally.
WHY IS DOING<br />
YOUR OWN<br />
TAXES<br />
COMPLICATED?<br />
A S I T I S , T H E A T O I S<br />
AL READY EFFI CI EN T AT<br />
I DEN TI FYI N G P EOP L E W H O<br />
ARE S U B M I TTI N G FI L ES<br />
W I TH ERRORS. TH EY H AVE<br />
ACCESS TO TH E N ECES S ARY<br />
DATA TH AT AL L OW S TH EM<br />
TO B EN CH M ARK FI G U RES<br />
B Y OCCU P ATI ON , I N COM E<br />
B RACKET AN D P REVI OU S R<br />
ETU RN S . TH E ATO AL S O<br />
H AS ACCESS TO DATA F ROM<br />
YO U R B AN K, EM P L OYERS,<br />
OTH ER G O VERN M EN T<br />
DEP ARTM EN TS , OVERS EAS<br />
ORG AN I S ATI ON S AN D EVEN<br />
DI RECTL Y FRO M S H ARI N G<br />
P L ATFORM S .
TIPS FOR DOING<br />
YOURTAXES<br />
Here are some tips to avoid getting in<br />
trouble while dealing with your taxes:
Tip 1: Work with a<br />
professional accounting<br />
and business service<br />
provider.<br />
Find a respected and trustworthy accounting firm that offers<br />
outstanding accounting and business services and has<br />
reputable tax agents that can work with you on your tax.<br />
Professional tax specialists will have the knowledge and<br />
expertise to make sure that you can claim your returns.
Tip 1: Work with a<br />
professional accounting<br />
and business service<br />
provider.<br />
They also have a system to ensure that everything is in<br />
place and that you will have an organised clean record<br />
before they proceed to the ATO. Working with an<br />
professional tax agent can save you a lot of trouble, it will<br />
prevent instances where you will wind up being closely<br />
monitored by the ATO.
Tip 2: <strong>Do</strong> not panic.<br />
So, you did your own tax and now the ATO has sent you a<br />
message requesting more information or informing you<br />
that you may have made an error. This may sound<br />
alarming to you, but do not panic. The ATO is aware that<br />
as humans, everyone makes mistakes.
Tip 2: <strong>Do</strong> not panic.<br />
You may have submitted something that has been flagged<br />
as unusual, but this does not always mean that it is wrong.<br />
However, if you are not sure where to start checking or if<br />
you are unsure what to do, it is best to consult with the<br />
professionals.
Tip 3: Learn more about<br />
claiming expenses.<br />
When you are claiming expenses, there are to parts of the<br />
process. The first one is trying to figure out what you can<br />
claim, the second one is figuring out how to calculate<br />
those claims. This is important since it can determine<br />
whether you can claim your refund smoothly or get the<br />
ATO’s attention for the wrong reasons.
Tip 3: Learn more about<br />
claiming expenses.<br />
Make sure that you only claim the right portion of the cost.<br />
You also need to ensure that you only claim the amount<br />
that has not been reimbursed by an employer.
Tip 4: Fol ow the rules.<br />
Of course, the easiest way to stir clear of issues is to follow<br />
the rules. Simply declare your income whether it is cash or<br />
freelance work. Keep in mind that the ATO has access to<br />
records such as bank deposits, super contributions,<br />
withdrawals and interest you earn.
Change language