If you are ready with your business and work-related claims, please contact us about preparing your 2018 income tax return, however first you should consider the following:
- PAYG Summaries
- Interest and dividend information
- Clothing claims
Employers must provide PAYG Summaries to their employees by 16 July, however not all employers are equally efficient in meeting deadlines. If you worked for multiple employers, such as production companies for the film and television industry, make sure you have accounted for each of your PAYG Summaries before asking for your return to be prepared. The ATO will inevitably amend tax returns lodged with missing PAYG Summaries.
As a tax agent, I can access pre-filling information such as interest and dividend information, however inconsistent personal detail information held by banks and share registries may result in errors and discrepancies. It is best practice to have the details of your interest and dividend income available to check against the pre-filled information provided by the Australian Taxation Office (ATO). There have been a few instances in the last year where tax returns have been amended by the ATO after the discovery of non-disclosed income.
Finally, the ATO will be focusing on work-related clothing and laundry expenses this year. Assistant Commissioner Kath Anderson recently stated that ‘we don’t think that half of all taxpayers would have been required to wear uniforms, protective clothing or occupation-specific clothing… Far too many people are claiming for normal clothing, such as a suit or black pants.’ The ATO provides a case study on its website of an advertising manager who claimed $1,854 for clothing bought from fashion designers, for representing her company at work functions and awards nights. This claim was disallowed in full, and a penalty imposed for failure to take reasonable care. Our service to you includes ATO audit assurance to prevent such an instance occurring.
We look forward to hearing from you with your 2018 tax information.
Firmament II, 2018
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