Tax Return Australia 2021 FAQs

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Without any doubt, business tax returns and Individual tax returns are our most requestedafter service at Rick & Mon Accountants. Tax advice and tax planning would come a close by second. Everyone wants to know about tax returns, and that’s a good thing as it’s not something you can prevent. You could try, but we clearly advise against that!

What is the 2021 tax return deadline in Australia?

If you plan to lodge your own tax return in 2021, you have up to 31 October 2021 to do so.

However, if you gain the services of a tax accountant Melbourne (Registered Tax Agent) to lodge your 2021 tax return, you have till 15 May 2022; almost a full year past 2019-2020 financial year.

T here are compromises for individuals, partnerships, and organizations, to lodge tax returns past 15 May 2022.

If you are the proprietor of a registered company or great fund, a distinct tax return will need to be lodged.

How Much Penalized for late tax return 2021?

Fees may apply if you neglect to lodge a tax return by the 2021 tax return deadline. T he AT O may question a default assessment alert letter or a “failure to lodge on time penalty” if you are a small business. T he FT L penalization fee is $222 per 28 days past the closing date date, up to a total of $1110 for 113 days or more.

How to do Tax Return 2021?

T here are several ways to lodge a tax return. You can lodge it yourself, online, using Tax accountants, or you can lodge a paper tax return. Instead, a Registered Tax Agent such as Rick & Mon Accountants can loge it on your behalf.

Individuals with complicated tax returns – those with trusts and firms, for example, usually

employ an accountant to complete and lodge their tax returns.

How to get a Tax refund in 2021?

In order to get a tax refund, a tax refund needs first to be lodged. It then needs to be treated.

You can track the growth of your tax return through your myGov account, regardless of whether your settled it yourself or had a tax agent lodge it on your behalf. You can find out more regarding the procedure and these statues on the AT O website.

Documents Checklist for Tax Return 2021 To give you an overview of the documents needed, below is an example of what would be required to lodge an easy individual tax return. Trust and Company tax returns require extra documents.

Income Documents · Bank Interest Report · Business Income Statements · Dividend Statements · All other income documents. · Work Expenses receipt · Insurances details · Donation receipts (if any) · Spouse and children’s details · Last year Tax Return fee If you want to work out your tax refund or debt, use the Income tax estimator.

To prevent any delay in the processing of your tax return, use the pre-delivered envelope provided with the tax return guidelines, or use the following address: Australian Taxation Office GPO Box 9845 (insert the name and postcode of your nearest capital city) For instance: Australian Taxation Office GPO Box 9845 Melbourne, VIC 3030 It’s always advisable to hire professional tax agent to ensure you are claiming everything you are eligible to and nothing more. Rick & Mon Tax Accountants offer tax advice and will ensure you receive the best possible tax refund. Just give us a call on (03) 5902 7090, T heir Registered CPA’s & tax advisor will get back to you for further steps.

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