It is common practice to leave tax return till extended due date. For individual tax returns, this means you don’t have to do it for almost another year. Why not?! After all, tax return is not the top hot favourite to-do for most.
As uninspiring as the task might be, completing your tax return early has its advantages. The first is to know your tax position and plan your cash flow in case you have an additional tax bill. Leaving a potentially large tax bill for another 11 months to surprise yourself is not going to help your cash flow.
Besides giving yourself time to save up for the tax bill, knowing your tax position early gives you another option – to arrange a payment plan with the ATO, and we can help put such arrangements in place.
More importantly, knowing your tax position early enables you to implement new tax strategy as early as possible in the new financial year, in order to maximise your tax advantage. Left for another 11 months, there is little time and room left for any measure of tax planning.
Separately, we can coordinate the timing of lodgement to maximise your cash advantage – immediately in case of a tax refund, or delay to the extended deadline in case of additional tax payment.
Either way, completing your tax return turn and knowing your tax position early is the key.
About Wilson & Assoc
Wilson & Assoc Chartered Accountants provides taxation and business advisory services to individuals, investors and businesses wherever you are based. We provide specialist services to startups and health care providers.
If we can help in any way, we’d like to hear from you.
Disclcaimer: The information provided within this article is general information only. None of the comments in these notes are intended to be advice, whether legal, financial product or professional. You should obtain specific advice regarding your particular circumstances from a tax or legal professional.
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