Tax time isn’t final

Your tax return isn’t final. By amending previous tax returns and using a good business accounting service, you may be able to claim far more than you thought.

If you have done your own taxes in the past, you may have made a mistake and paid too much tax.

The good news is that with the help of a reliable business accounting service, you may be able to revise past tax returns and give your business a welcome cash boost.

Was your tax bill too high?

If you feel that you didn’t get the best rebate you might have last tax time either because you filed in a hurry or you failed to declare all your expenses, the good news is that business accounting services can help.

Just because you have submitted and claimed your tax return doesn’t mean it is final. It is actually very possible to amend your return to claim items and deductibles you may have missed.

People get their tax lodgement wrong for a number of reasons, including:

  • – Filing their taxes without the help of a business accounting professional
  • – Not realising what they could claim (see more on this topic here)
  • – Working with an accountant who did a rush job
  • – Failing to declare all their expenses correctly
  • – Having little separation between their business and personal bank accounts, making it difficult to estimate their actual income

Don’t miss the opportunity of a few thousand extra dollars for yourself and your family. Talk to a business accounting service to review your past tax returns.

How do you redo your taxes?

The ATO calls it ‘amending your tax return’ and you can generally do this within four years of submitting it.

This is great news if you feel that you can get more back than you did the first time around. It can also come in handy if you feel you got anything wrong. For example, you may have been unwittingly failing to declare income. A new business accounting service could pick this up but amend your tax return before the tax office notices and penalises you.

The ATO has plenty of information on how to request and submit an amendment and it is possible to do it on your own. However, as mentioned, it is much better to get a business accounting service on your side. The ATO allows you to amend your return in order to correct mistakes, include forgotten capital gains, and to claim deductions you may be entitled to. This is where a good business accounting service or tax accountant will prove to be invaluable.

Hand over the hard work

Accountants, especially tax accountants, know the Australian tax system inside out. It is their job to maximise your tax return. They will know all the ins and outs of what you can and can’t claim and exactly how much you can get back.

If you feel your tax bills have been too high or if you have realised that you didn’t claim for significant expenses such as paying yourself super, paying for insurance, paying for a new vehicle purchase, or even paying staff, work with an expert to review your past tax submissions.

It may take some time but the process could unearth thousands of dollars that the tax department owes you.

It’s also worth noting that the same may apply to your GST payments. If you have been automatically submitted your BAS through Xero, you could have missed some deductions. Again, the best thing to do is check with a reputable business accounting service. With their help, you could be thousands of dollars better off.

Mobbs & Company are small business tax accountants with offices on the Sunshine Coast, in Brisbane and Caboolture. Contact us for a free initial appointment.

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