If you have started preparing your tax returns Broome as early as now, good on you. It’s always advantageous to get things sorted out the soonest time possible, and not wait for the last minute – especially when it comes to your taxes.
Whether you are looking to do it online, offline, or perhaps use a tax accountant – it pays to equip yourself with the right knowledge so you can better understand how things tax returns work.
If you wish to lodge your tax return online, things can be a bit confusing at first. Here are some of the frequently asked questions to help you glean more insights:
1. When is the tax lodge deadline for 2014?
If you are going to use a DIY approach to lodge your tax returns, 31 of October, 2014 is the date to keep in mind. However, if you are going to use a tax accountant, you might want to contact them on or before the said date to discuss things. See, tax accountants have their own set of deadlines when lodging tax returns Broome, so it would be good to check it with them.
2. Do my work-related expense claims need receipts?
If you have undocumented expenses, you can claim up to $300. You would need to show proof once you have reached this limit. Also, it would be wise to keep these receipts, just in case the Australian Taxation Office does a check on you.
3. Where can I learn more about what to claim?
You have two good options. First, you can go to ATO’s website. They have a wealth of tax return online information about Australian taxes which can help you find out more what to claim. Second is you can contact your tax accountant for a consultation about your tax affairs.
4. Can I claim the money I donate to charities?
Yes, you can claim your charity donations from your tax returns Broome. You need to be aware though that not all non-profit organisations are considered charities. So, this should be something to look into.
5. Can I make rental property cost claims?
Yes, you can but you need to learn exactly what you can claim. You can visit the ATO website to learn more. If you still have questions, you can call the ATO office, or perhaps consult a tax accountant so you can be sure that your needs are understood well.
6. What is an assessment sequence number?
After lodging your tax return online or offline, you will receive a notice of assessment. You will find this assessment sequence number of top of this document. An assessment sequence number is a statement that show how much you have paid during the year, and what your taxable income is.
If you have other concerns about your tax returns, and you are not sure about the information you find on the ATO website – it would be best to get some advice from a tax accountant for a more tailored approach. This way, you can maximise the tax benefits that are unique to your tax situation.