WEBINAR: Tax Time!

10TG record-keepingVIDEO: Interactive Interview – Get Ready It’s Tax Time

It’s that time of year again…time to dust off the folder marked ‘tax’ with all of its crumpled receipts and notes and get some order in your financial house. Got questions? Yep, we all do! So we’ve called in a “tax-pert” to give us some tips and guidance.

What the online tutorial covered:

  • Tax changes in the last financial year- what do you need to know
  • Common myths and misconceptions – what’s claimable, what’s not
  • DIY or do you need an accountant?
  • If yes…how to find the right accountant for you
  • Where to go to get help
  • Tax changes in the future – what’s changing, how it will affect you

Accountant and Tax Specialist Bernadette (Bernie) McKenzie (read more about her here) joined 10thousandgirl founder Zoe Lamont in this discussion. We covered the topics above plus fielded some fabulous questions from the live audience. Thanks to those who joined us live.

TOOL: Claim away! ATO’s New myDeductions Tool

Typically, more than eight million Australians claim over $20 billion in work-related expenses on their tax return. That’s a lot of receipts to keep track of throughout the financial year.

At the same time, the ATO estimates that the average worker could be missing out on claiming some work-related expenses that they’re entitled to, due to lost or damaged receipts, or from a lack of understanding of what they’re entitled to claim.

To help make the process easier for individuals to keep a record of their work-related expenses in one place, the ATO recommends using the new myDeductions tool, which can be accessed through the ATO app.

Using myDeductions is an easy and convenient way for people to keep track of their expenses on the go.  Individuals can keep track of all their work-related expenses throughout the year by simply inputting the information into the app and taking a photo of the receipt, which is stored on their phone.

Tax time 2016 is the first year individuals can upload their completed deductions from myDeductions directly to the ATO, allowing them to pre-fill their tax return. These deductions can also be shared by individuals with their tax agents and accountants via email.

For more information about what can or can’t be claimed, visit the myDeductions page on the ATO website.

Here is also a link to a video with a demonstration of the tool https://www.youtube.com/watch?v=DvAKVjguZ7Y and you can download the ATO app on your AppleAndroid and Windows device.

NOTES: Five Tips For Tax Time

As the end of the financial year looms closer you might think it’s tricky or tiresome to get your head wrapped around all your financial affairs, but thanks to these handy tips from the Australian Taxation Office (ATO), tax time is now simpler than ever!

  1. Use myTax

myTax is a safe and simple way to lodge your tax return online. All of your information is protected, you can access it at any time of day on a range of different devices and you’ll generally receive your return in around two weeks. Visit ato.gov.au/lodgeonline to learn more about myTax.

  1. Declare your fair share

It’s possible you may be part of the sharing economy without knowing it. If you earn money from odd jobs such as transporting passengers or renting out a room or house, it counts as assessable income and you will need to declare it on your tax return. To check if you’re part of the sharing economy visit ato.gov.au/sharingeconomy.

  1. Consolidate your super

While you’re getting your tax affairs in order, why not take a moment to sort out your Superannuation at the same time?

On average, women retire with 1/3 the amount of Superannuation than men. On top of that, having multiple super accounts can mean that multiple fees are chewing up even more of your money (the ATO says you could be paying more than $500 in fees annually)! Instead of paying all of those fees, and struggling to keep track of your accounts why not consolidate your super into one account?

You can track down your lost super online and easily consolidate your accounts with your ATO online services account. To find out more visit http://www.ato.gov.au/superonline.

  1. Lodge later to save time

The pre-fill feature of myTax makes submitting your tax return such a straight forward process. Thanks to the millions of pieces of data that the ATO receives from employers, banks and other third parties most people simply need to log in, double check the pre-fill information, enter any deductions they have and press submit!

Most of the data will be pre-filled during August or early September, so by doing your tax in August or September, most of the hard work will have been done for you. You’ll spend less time doing your tax, leaving more time for the things you love.

  1. Beware of tax scams

Scam emails, faxes, SMS and phone calls can look or sound very convincing. You can generally tell they’re not genuine because they offer you an unexpected refund or grant and ask you to provide personal information, credit card information or money. Remember – the ATO will never email you asking for personal or credit card details, and you should never provide this information.

You can check on any communication that you are not sure about, or report a scam, by contacting the ATO on 1800 008 540 or forwarding any suspicious emails to ReportEmailFraud@ato.gov.au.

For more information about verifying or reporting scams, visit the ato.gov.au/onlinesecurity.

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