2019 Tax Time - edition 31-07-2019

Tax Time Keeping you safe at tax time The Australian Taxation Office (ATO) is warning taxpayers to keep an eye out at this time of year for people posing as tax agents who are not registered with the Tax Practitioners Board (TPB).

ATO assistant commissioner Karen Foat is concerned about a number of people claiming to be tax agents, often promising refunds that sound too good to be true, or providing discounted services much cheaper than legitimate registered tax agents. “These unregistered preparers pretend to offer legitimate services to the community but in reality they pose a serious threat not only to the people that use them but to the broader community and the tax system as a whole,� Ms Foat said. “Unfortunately, we see too many instances where people have unwittingly used an unregistered preparer, which has resulted in a significant tax debt

and loss of money.

We also see instances where people do not receive their refund or where fraudulent claims are lodged in their name without their knowledge.�

Unregistered preparers often use a taxpayer's personal login details to access their ATO online account through myGov to lodge tax returns. A legitimate tax practitioner will never ask for your myGov credentials – they use dedicated ATO online services to lodge returns for their clients. “To protect yourself and keep your personal information safe, it is important to check with the TPB to see if an agent is registered. You can easily check an agent’s registration online at www.tpb.gov.au.

Remember, only registered tax agents can charge a fee to prepare and lodge your tax return,� Ms Foat said.

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Glasshouse Country & Maleny News

How to nail your return The Australian Taxation Office (ATO) has revealed some of the most common mistakes people make at tax time.

Assistant commissioner Karen Foat said that errors ranged from honest mistakes to people deliberately over claiming to increase their refund.

For example, incorrect work-related expense claims have been highlighted as one of the key drivers of the $8.7 billion tax gap generated by individuals not in business.

If you want to nail your tax return this tax time, here are the top four mistakes to avoid: 1. Lodging before all your prefill data is available or failing to report all your income “People can lodge now if they have all of the information they need to do their returns accurately,� Ms Foat said.

2. Claiming the wrong thing Work-related expenses is one area where people commonly make mistakes.

To help you work out what you can claim, the ATO has developed 30 occupation guides and accompanying posters for specific occupations (www.ato.gov.au/occupations).

Remember, when claiming a deduction for work-related expenses follow the three golden rules - you spent the money yourself and have not been reimbursed; the claim must be directly related to earning your income; and you must have a record to prove it. You can only claim the work-related portion of expenses.

3. Forgetting to keep receipts The ATO refuses a large percentage of claims where taxpayers are unable to produce records or receipts when asked. Even if the value of a claim is below the record-keeping threshold, the ATO may ask you to show how you calculated your claim.

4. Claiming for something never paid for Ms Foat said the ATO often saw people making claims at the record-keeping limit thinking that the ATO would never question a claim if a receipt was not required. “But you still need to have spent the money yourself and be able to show us how you’ve worked out your claim," she said. “If you can’t explain it, we won’t accept it, and we may penalise you for failing to take care when lodging your tax return."

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Tax Time 2019 You will have heard that Scott Morrison is giving a $1,080 tax refund for all individuals who have earnt between $48,000 and $90,000.

That is up to $1,080 in tax back.

Call your friendly team at Hinterland Accounting Services today on 5439 0188 so that we can lodge your return and get your refund paid into your bank account now!

What should I bring to my appointment?

The ATO is checking more information than ever before so please make sure all receipts/invoices are kept and all log books completed accurately.

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school building funds *

1/13 Turner St, Beerwah 5439 0188 8.30am-5.30pm – Monday to Friday | admin@hintertax.com.au Glasshouse Country & Maleny News

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