finance
Perth Tax Return Checklist: 4 Things to Sort Before Lodging
Perth workers and small business owners: verify these four key details before lodging your tax return to avoid ATO delays and penalties.
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Perth's tax season is in full swing, and the Australian Taxation Office has flagged four key things locals should verify before lodging their return, according to news reports. Taking time to get across these details now can avoid delays, penalties, and costly mistakes when the ATO begins processing returns.
The specifics matter, especially for Perth's resource sector workers and small business owners who often have more complex returns than the average employee. FIFO workers returning home with higher incomes, contractors, and those with multiple income streams are particularly at risk of overlooking deductions or incorrectly reporting earnings. A few minutes of review before lodging can save weeks of back-and-forth correspondence.
Perth taxpayers should also be aware of changes to the rules this year that may affect how they claim deductions or report investment income. The ATO's guidance on what to check is freely available, and most people can work through these items themselves, though those with complicated tax situations may benefit from speaking to an accountant.
The ATO begins processing returns as soon as they're received, so getting the details right upfront speeds up refunds for those expecting payments. For Perth residents, lodging early and accurately also means avoiding the last-minute rush when the system is busiest.
Sources: watoday.com.au.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.