REMINDER: DIY DEADLINE LOOMING FOR TAX RETURNS

Chartered Accountants ANZ

Chartered Accountants ANZ (CA ANZ) is reminding Australians who have yet to lodge their tax return for 2024-25 that they only have 12 days to either self-lodge or appoint a tax agent.

“Millions of Australians choose to self-lodge their own tax returns to the Australian Tax Office (ATO) – but 62 per cent of individual taxpayers rely on the expertise of a tax agent,” said Susan Franks, CA ANZ Tax Expert.

“There are benefits in using a Chartered Accountant who works as a registered tax agent, and the first is that you will be giving yourself more time to get your return ready.”

The deadline for lodging a return when using a tax agent is either 31 March or 15 May the following year, depending on the tax liability of the last return you lodged.

“Additionally, as well as more time, a Chartered Accountant who works as a registered tax agent can give you greater peace of mind,” said Ms Franks.

“Their expert knowledge can help you complete your return while staying within the ATO’s guidelines and avoid potentially costly mistakes – plus their fee is tax deductible the following year.”

As of last week, more than 2 million Australians had not yet submitted their tax return according to the ATO.

Anyone who plans to self-lodge before 31 October should remember the three golden rules when it comes to tax deductions:

• You need to have paid or been charged the expense. If you have been reimbursed for the expense or someone else paid the expense, you cannot claim a deduction.

• You need to have proof of the expense. It helps to have copies of tax invoices.

• You need to ensure that it is a work expense. The deduction cannot be for expenses that are used for private or capital purposes. You need to apportion expenses to ensure that only the work component is claimed, not the private or capital component.

ENDS

Check out our EOFY CA ANZ Member Survey (ATTACHED) for insights on common tax time mistakes by individuals and businesses, top tips and unusual tax claims attempts.

About Chartered Accountants Australia and New Zealand

Chartered Accountants Australia and New Zealand represents more than 140,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.

www.charteredaccountantsanz.com

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