The 30th of June marks the end of the Australian tax year and with that comes a rush of applications for tax returns and the expected refund that we all hold out for.
In July 2010, 1 in 6 people submitted their tax return and 55% of those were processed within 14 days. That's no mean feat for the ATO, processing around 12.7 million returns this year and paying out $29.5 billion in refunds. If you want to be at the front of the queue when it comes to tax return time it pays to get your house in order now. Don't wait until the last minute to track down those all important documents and start your research.
Payment Summary's/Group Certificates
Left a job in the past 9 months? It's a good idea to ask your employer for a Payment Summary. This can take the form of a signed letter or statement from your employer and is essential for getting your tax return processed quickly. This document should outline
The Company Name and ABN (Australian Business Number)Your details (Name, address etc)Your gross pay (the amount before any tax deductions)Tax withheld from youYour net pay (the amount after tax)
Work expenses
Some expenses you incur as part of your work can be claimed against your tax bill! You cannot claim for anything that your employer reimburses you for or (generally) associated with getting to and doing your job. However, you may be able to claim for some of the below, but make sure that you keep records!
Travel Expenses (excluding getting to and from you work except in special situations)Clothing Expenses - if you have a uniform or protective clothing, you may be able to claim for purchasing or cleaning costsMobile Phone Expenses - if you used your phone for work and was not re-imbursed, you may be able to these costs
Find a tax agent
Want to pass the responsibility for your return to an agent? Expect to pay between $70 and $150 for a tax agents to file your return on your behalf. Make sure your money is well spent
Start by asking your friends and family about their experience last year and get a few companies namesCheck the Tax Professional Bureau register to make sure they are on it (www.tpb.gov.au)
Costs for filing your tax
If you paid a tax agent in 2010 to file your tax return, you can claim this cost against your 2011 tax return. Make sure you have an invoice or receipt
Useful links
Guide to 2011 Tax Return
ATO - Individual Tax Return
http://www.taxrefundforfree.com.au/ is designed to help people process submit their tax refund themselves without the need of a tax agent.
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