Be ready, tax time is here
IT'S time to pull out the shoebox and start itemising your receipts, as its tax time.
This time of the year for many is one that they would rather avoid, but tax doesn't need to be a nightmare, so long as you know the pitfalls and what to avoid.
Sothertons accountant Steven Marsten has advised people to contact their accountant first.
“People should phone first before their interview and get themselves prepared to bring in as much information as possible,” he said.
Mr Marsten said there were more than 20 changes to the individual tax return this year and people had to ensure they got things right.
“One of the biggest issues is, if you're salary sacrificing superannuation, it now appears on your group certificate,” he said.
“The reason why is it is going to be part of the Tax Office's change of definition to minimise your ability to obtain a whole host of rebates.”
Mr Marsten said the concern was that a lot of businesses might not have the right payroll system to accommodate the adjustment.
“Only those employees that salary sacrifice should have this on their group certificate,” he said.
“My concern is that it hasn't been an issue in the past, but now it is going to be an issue and I suspect that it will result in the largest number of amended returns we have ever had.”