Unwind with Confidence
In my role as Client Relationship Coordinator I am frequently communicating with our clients to ensure they are aware of their ATO lodgement obligations and due dates. Common responses may be: “is it that time again already” or “ you read my mind I’m on to that” or the one that I hear all too often…”I’ve set aside the whole weekend to organise my tax information”.
WHAT!!! The whole weekend? Weekend’s are for spending time with the family, playing golf, being disappointed by Richmond, working on the garden, catching a movie, and doing the things we are often unable to do during the week because we are busy working (and paying tax). The time spent each year ensuring we have paid the right amount of tax needn’t be a time consuming ordeal.
In recent years the ATO has become less lenient against tax payers who fail to lodge by their due dates. Some may argue that parallels can be drawn between the tougher stance and the current deficit. What-ever the reasoning $850.00 penalties for late lodgements are now becoming the rule rather than the exception, and the tax payer still needs to organise lodgement as well as pay the penalty. EIGHT HUNDRED AND FIFTY BUCKS! With that money you could take the family for breakfast, play 18 holes, sit in the best seats at the footy, hire a gardener, watch that film you have been wanting to see in Gold Class and still have cash to spare.
As your accountant we aim to make the lodgement process as smooth as possible. The best start point can often be a phone call or email to provide an update on your past financial year so we can assist you in identifying the information you may need to provide, rather than spending time gathering information that may not be relevant to you. We understand your time is valuable and can complete the process by phone and email as required. We, of course, are happy to see your smiling face should coming into our office be your preference.
Of course, some tax returns are more complex than others. If tax time is really not that simple and you are genuinely losing a weekend in preparation we can provide advice on how to make the process more effective and efficient in the future. Many may be aware of the time saving benefits cloud based accounting software offer small business operators, however they can also be an effective low cost method for individuals in storing and managing the information necessary for completion of individual tax returns. Cloud accounting will ensure that the shoe box full of receipts will be no longer be required and more importantly late lodgement penalties and a weekend spent shifting through receipts will be a thing of the past. Whilst Cloud accounting can assist in freeing up the weekend it cannot be responsible for lowering the golf handicap or breaking the premiership drought at Richmond!
To speak with one of our accountants about your tax return or Cloud accounting give me a call on 03 8805 8000 and I will coordinate.