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Who's doing their tax early this year?

Discussion in 'Accounting & Tax' started by EN710, 30th Jun, 2015.

?

When do you plan to do your tax?

  1. July

    17 vote(s)
    56.7%
  2. August

    4 vote(s)
    13.3%
  3. October

    4 vote(s)
    13.3%
  4. Who knows? My accountant sort that out

    5 vote(s)
    16.7%
  1. EN710

    EN710 Well-Known Member

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    Easy laid back curious thread.

    When do you plan to do your tax and why the timing? At least the documentations and summary to send to accountant.

    I'm planning to have this done in July (hopefully).

    Reasons:
    1. It's a pain, so I want it done asap. Send it over so nothing hanging on the back on my mind.
    2. My observation is that many tax accountants start getting busy in August/ October so July is maybe a slower month
    3. I actually can get some tax back this year, finally!
     
  2. Simon Hampel

    Simon Hampel Founder Staff Member

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    You obviously have too much time on your hands :p

    My tax is usually done in April/May the following year with my accountant leaving nasty messages on my voicemail and in my inbox threatening the wrath of the ATO if I don't get it done immediately.

    But then, I do have 7 tax returns to prepare :rolleyes:

    Every year I say I'm going to be more organised and get it done early - but then I tend to get really busy with work soon after the start of the new year and it ends up being pushed back until after Christmas again. *sigh*
     
    EN710 likes this.
  3. Mumbai

    Mumbai Well-Known Member

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    As soon as I get my group cert.
     
  4. EN710

    EN710 Well-Known Member

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    @Sim obviously I don't have enough property :rolleyes: 7 tax return, for families? :eek:
     
  5. D.T.

    D.T. Adelaide Property Manager Business Member

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    Will be trying to do mine asap this year.
     
  6. Simon Hampel

    Simon Hampel Founder Staff Member

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    2 personal (mine and my wife's) + 3 companies + 1 family trust + 1 super fund
     
    legallyblonde likes this.
  7. legallyblonde

    legallyblonde Well-Known Member

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    Just waiting on my three group certificates so I should have my return before the end of July ;) I only have one IP so no dramas.
     
    EN710 likes this.
  8. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    This is soooo me. But as I say every year 'it's going to be different!'
    I'm just lodging last years :oops:
    So I'm now on the naughty list and will need mine done by October to get back into the ATOs good list.
     
    Arnel and EN710 like this.
  9. Simon Hampel

    Simon Hampel Founder Staff Member

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    Ouch!
     
  10. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    It's probably what I needed - a good kick up the bum :eek:
    We have 7 as well so I need to get more organised. I have the ball rolling on that though with book keeper and Xero starting next month.
     
    EN710 and Simon Hampel like this.
  11. Perthguy

    Perthguy Well-Known Member

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    July for me. Due to some unexpected events I will be getting a decent refund. Better to have the funds in my offset account than with the ATO.
     
  12. MRO

    MRO Well-Known Member

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    I get screwed because i prepare my own return the ATO think it is fair for me to lodge in October and pay in November.

    I never really understand why the government thinks it fair to provide interest free loans (delayed payment dates up to April) to some taxpayers who choose to use a tax agent. /end of rant
     
  13. Simon Hampel

    Simon Hampel Founder Staff Member

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    That door swings both ways ... for those of us due a refund, the ATO gets interest free money while it holds onto our money which we don't get until after we submit our returns.

    The fact is that our company, trust and super fund tax returns are hugely more complex than our personal tax returns - takes quite a lot longer to prepare the documentation and to complete the returns.
     
  14. EN710

    EN710 Well-Known Member

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    I always think that the delay is provided to the tax agents for dealing with hundreds of return, not provided for taxpayer :rolleyes:
     
  15. MRO

    MRO Well-Known Member

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    I understand the need for the extended lodgement date. I dont believe the different payment dates are equitable.

    I think the only fair way to do it is to make one payment date for all taxpayers - probably somewhere in April.
     
  16. wylie

    wylie Moderator Staff Member

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    We will be paying a big whack of CGT this year so I will get all of my paperwork to our accountant in July whilst it is fresh in my mind but he will not lodge it until June 2016.
     
    EN710 likes this.
  17. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    Pretty much same story here.
    Should do it earlier and always say to myself I will, but just get busy with stuff....
    It was 125k all up last year, so guess the cash would have been better in our PPOR offset rather than let the ATO hold it.
     
    EN710 likes this.
  18. skater

    skater Capitalist Premium Member

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    Exactly the same here! I've not long done last years & each year I tell myself that I'll be organised & do it early,..............but I never do.:oops:
     
  19. EN710

    EN710 Well-Known Member

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    Ohh, that's a nice way to do it :D

    $125K of tax to pay???
     
  20. skater

    skater Capitalist Premium Member

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    I think that's the refund.
     
    EN710 likes this.