It's not the most fun way to spend your night or weekend off, but completing an accurate tax return on time has several benefits. Look at some of the best reasons to do your tax return on time this year.
Receive your refund quickly
One of the biggest bonuses of submitting your tax return early in the new financial year is that you will beat the rush, and receive your refund quickly. Perhaps you have a few bills that need paying, a new fireplace to install in the height of winter, or would love a trip to the snow this year. A timely tax refund will be a cash injection to warm your winter.
Avoid limits on your government payments
If your tax return is not lodged and you let it lapse for an extended period of time, your government payment may be withheld until you get your tax up to date. Submitting your return early in the year will prevent you from having to worry about any limits being placed on your government payments.
Receive Family Tax Benefit supplement
If you are in receipt of the family tax benefit payment, you are eligible for a supplement payment at the end of the financial year. If you or your partner do not lodge tax returns in a timely manner, you may no longer be eligible for receiving the family tax benefit and will miss out on this payment altogether.
Give yourself longer to catch mistakes or pay a debt
If you are anticipating a tax debt an early submission of your tax return will give you extra time to pay back any money owed. Similarly, if you have gaps in your tax information that you need to fill, or the process turns out to be more complex than anticipated, lodging your tax return with your accountant will allow time for mistakes to be remedied, or misplaced details to be located.
Avoid late fees
If you fail to lodge your tax return within the required timeframe, the Australian Taxation Office may impose a penalty. Depending on the lateness of your submission, this late fee can be significant, and is cumulative over time. To avoid the imposition of any late fees or penalties on your tax return, it is advisable that you submit your return as soon as possible in the financial year.
Prevent unnecessary loss of your earnings or return by lodging your tax on time this year with local tax specialists like Walsh & Walsh Chartered Accountants.Share