Help at Tax Time
The end of the financial year means the start of tax time for many, with the bulk of personal tax returns being lodged between July and October each year. Having a registered tax agent prepare and lodge your return can help simplify the process and ensure what is recorded is accurate.
The ATO has vast data matching capabilities and already hold details of income received from salary, interest, dividends and capital gains. In many cases a review will be instigated if the income recorded in your tax return does not match the ATO records.
There are several “target groups” on the ATO radar each year. This year we expect property investors to come under some scrutiny, with specific changes to deductions for depreciable items and travel expenses announced recently.
It is great time to gather together your tax and financial records and meet with a Skybridge accountant. Part of our process is to review your overall financial position, including superannuation investments and personal insurances. Where appropriate we will refer you to a specialist advisor for recommendations that are designed to improve your long term position.
So don’t get bogged down in trying to do your own tax return this year. Contact your nearest Skybridge office and take the first step in planning for a secure financial future.
- Mark Giumelli