2016 Tax Lodgements - Ready Set Stop

Discussion in 'Accounting & Tax' started by [email protected], 22nd Jun, 2016.

Join Australia's most dynamic and respected property investment community
  1. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Member

    18th Jun, 2015
    Around this time of year I get asked by many eager and prepared taxpayers how early they can lodge. The answer isnt that simple.

    Our practice may be ready to lodge 2016 tax returns today (!!) but the ATO isnt ready to receive them. Their systems really don't appreciate returns until 1st July or a few days prior to 30 June at best.

    However thats not the end of the issue.

    As the ATO cannot datamatch against employer and other data they adopt a hesitancy with early lodgements where a larger refund is involved. They may undertake additional tests that are signs of potential fraud.
    - Address, employer and bank account changes
    - New properties that create a loss
    - Higher than average refunds, claims etc

    These returns can be diverted from automated processing and held for 2-3 weeks based on past experience.

    MyTax this year will be increasingly used by taxpayers. MyTax returns can only be finalised and lodged when the ATO accept them. This means they actually will wait until they have health fund, employer and similar information before they flag a MyTax return as "ready".

    And a word of warning - MyTax and DIY returns will require a MyGov login and identity validation this year. And that comes with the loss of printed notices etc. All communication after registering will come in the form of a bland and basic text or email that says "you have a MyGov message"... No follow up, no reminders. Yes it looks like spam BUT comes with the onerous task of logging-in using a mobile, email and answering an inane question.

    For the MyGov lovers - See what others think of MyGov here Malcolm Turnbull promises $50 million reboot for troubled myGov:
    Last edited: 22nd Jun, 2016

What’s the one thing holding you back from having more time, money and freedom? Passive Income. And you’re just one smart Positive Cashflow investment away. Quantum Space commercial units return a huge 8% net AND we guarantee it for 12 months