Who's doing their tax early this year?

Because we cant do everyone's tax work in four months. Its a challenge to get all done by 15th May (its the sort-of final date). In return for being good workers we can also do later lodgements than that date and they don't get penalties BUT we must have 85% on time. The ATO also could not cope with all taxpayers in one hit and etax doesn't deal with entities etc. We assist ATO by doing electronic lodgements and avoid paper forms. We are essentially a part of the Govt supply chain and help them and keep taxpayer costs down. Our efforts bring in both tax payers and tax refunds. And GST etc....

Look at it a different way....Its not the others who get to lodge late but you choose to lodge earlier than you could by using the DIY approach ?? Its a strategy to defer a tax payment. Based on 5% interest each $10K of tax paid 7 months early = $291. If I charged you $250 to lodge you may be ahead. Now think of a taxpayer who has a $50K bill...They could save a bit and defer PAYG instalment changes too.

 

I do the first 3 quarters in April, by the time the accountant sorts it out I have a few weeks to spent some money, work out how much to put in super, delay income , bring forward income or delay expenditure. I do the last quarter in early August. Its easier to do it while its fresh in your mind and only has to be done once.

 

I am going to complete my tax return this weekend as my group cert is available on Friday.

 

No way, already pay enough already.
That's my negative gearing bonus.

 

This was our latest year yet - 10th June for 2013/14

It's usually around 14th May

We just can't seem to get everything ready any earlier

 

I'm going to start this weekend and hope to have it finalised to send to the accountant by the end of next week. I have two IPs so my info is really straightforward. Wonder if I'll get a refund???

 

Maybe we should have a follow up thread next year "When did you actually do your tax".
I did mine late this year and it was a pain to catch up, but it's all there and up date now so I'll submit it as soon as I have access to my group certificate.
I've actually already received the P&L for 1 property yesterday.

 

@Ace in the Hole That's a nice cash back
@KMD It is not difficult to predict, I did mine roughtly ~ my payg total income, plus other income, minus all costs and all depriciations ~ final gross income for the year. I use paycalculator.com.au to predict the rough tax for calculated income, then compare it with the number from my PAYG. If it's less, I'll get money back.

@Azazel my history is to completed them on July, but usually ended up in October/ November hopefully different this year. It's more complicated too unfortunately, I change job, so waiting for certificate from the old company, then change management for IP1, then change health insurance and change super provider

 

Ah, @EN710 you just reminded me, I gave myself a deadline of EOFY to change my super. I knew there was a reason I had spare time to get my tax in order.

 

I've got a sizeable amount to pay so as late as possible!