NEWS UPDATE

Tax Time 2020

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.

Find out about:

 

financial planner can help you explore ways to make the most of every area of your finances. If you would like to know more, feel that you or anyone you know requires advice, or would simply like a review of your financial situation, please visit our contact page call our office today to arrange an appointment on (07) 5574 0667.

We encourage all of our clients and colleagues to Like and Follow us on Facebook as we will be posting exclusive content including business updates throughout 2020.

 

Note: This communication (including taxation) is general advice only and does not consider your personal circumstances. You should consider whether the information is appropriate to your individual needs, and not act on any information without obtaining professional financial advice specific to your circumstances. This communication including any attachments is intended solely for the use of the individual to whom it is addressed. Any unauthorised use, dissemination, forwarding, printing, or copying of this communication including any attachments is prohibited. It is your responsibility to scan this communication including any file attachment for viruses and other defects. To the extent permitted by law, we will not be liable for any loss or damage arising in any way from this communication including file attachments.

 

Disclaimer

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.

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