Its that time of year again..
We know that 2020 has been difficult for many reasons, however lodging your tax return doesn’t need to be.
Whether you use a tax agent, run a small business or lodge your own return, we have sourced information from the Australian Taxation Office (ATO) to help you at every stage.
Find out about the key changes this tax time, the ATO’s service commitment, what you can do to prepare, and things to consider before lodging to ensure your clients’ tax returns are correct and to help prevent delays in processing.
The ATO started full processing of 2019–20 tax returns on 5 July 2020 and is expected to start paying refunds from 16 July 2020.
According to their website, they aim to finalise the majority of electronically-lodged current year tax returns within 12 business days of receipt.
You can access tax time publications as they are released by visiting Forms and instructions and selecting Tax Time 2020.
You can also use the Tax Time Toolkit, a suite of resources to help you prepare and lodge tax returns correctly.
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The information has been given in good faith and has been prepared based on information that is believed to be accurate and reliable at the time of publication. The information is general in nature and does not take into account your particular financial needs, circumstances and objectives.