More than 70% of individual taxpayers, and 95% of businesses, call on a tax professional to prepare their tax returns, making Australians among the world’s highest users of tax agent services. But to get the most out of a tax professional – to help them help you – some basic records and documents are essential. We run through the information required that may help your tax agent put you in a better tax position, and also look at the areas we know the Tax Office will be paying close attention to this tax time.
Are you a resident or non-resident for tax purposes? It may seem like a simple conclusion to draw, but for the taxman the answer may not always be so clear-cut. We look at the differences, and the advantages and disadvantages of each tax status.
SMSF trustees will be aware that the fund’s tax return deadline is on the horizon, and therefore the need to have a fund audit completed also looms large – an essential requisite to stay compliant, to which the Tax Office is maintaining vigilant attention. And did you know that under dire emergency, it is possible to access some of your superannuation savings; but strict rules apply.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)