Tax time sorted with The Hopkins Group
05/07/2018 The Hopkins Group
Can you believe it? It’s July already!
Like clockwork, another financial year has come to an end so it's time to start thinking about getting your tax affairs in order. Benjamin Franklin once said that "in this world nothing can be said to be certain, except death and taxes."
A morose turn of phrase, but nonetheless true - you can't avoid tax time.
But just because you can’t avoid something, doesn’t necessarily mean you have to suffer through it. Tax time can be a breeze if you arm yourself with the right tools and advice.
That’s where The Hopkins Group comes to the rescue! This tax season, we’re arming you with the latest blogs from our accounting team, discussing some of the different deductions you can (or can’t) claim.
We’re also giving all blog readers access to our comprehensive tax checklist to ease the collation process and help you get the best tax return possible. You’re going to want to download this ASAP (as an added bonus, you’ll also find a vehicle log book and rental property checklist on this page).
First things first - it’s not tax-time without a deadline or two.
If you are completing your tax return yourself, you have until 31 October 2018 to file your 2017/18 tax return with the ATO. But did you know, you can get an extension to that deadline?
If you complete your tax with a registered tax agent, like the accounting team at The Hopkins Group, you have until May 2019 to file the same return. This gives you that extra time to get everything together and work with an accountant to hopefully get the best result possible from your return. It also means that if you know you’re probably in for a bit of a tax bill, you’ve got that extra time to save up that money.
If you are looking for that extra time, please note you’ll still need to be on a tax agent’s list by 31 October. To get on the list, all you need to do is contact an accountant and they’ll liaise with you to make it happen. From there, simply get in touch with your accountant again when you’re ready to complete your return (before May 2019). And don’t worry – if they don’t hear from you by March, they’ll send you a friendly reminder.
Latest Accounting Blogs
Working from home: How much can you claim on tax?
Let’s be honest, we’ve all fantasised about dropping the 9-to-5 daily grind and seizing the freedom of working from home. The question is – how much would your tax return benefit from making the switch? Read more…
Get schooled on self-education deductions
Looking to up your professional development education game? You might be able to claim these expenses at tax time! Read more…
Changes to GST on property transactions
Thinking about property development? Our Director of Accounting breaks down the importance of considering GST and tax obligations from the outset. Read more…
Travelling to Inspect Your Rental Property? Pause before you go
Before you claim a deduction on your rental property travel expenses, it's best to check you're eligible to continue making that claim. Read more…
How will changes to depreciation deductions affect you?
Recent tax law changes might see a loss in deductions available to property investors. But is there a silver lining for those purchasing new and/or off-the-plan properties? Read more…
Are you ready to get started getting your tax affairs in order? Book an appointment with an accountant at The Hopkins Group today.
General advice warning: The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any recommendation without considering your personal needs, circumstances and objectives. We recommend you obtain professional financial advice specific to your circumstances.
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