Are you ready to do your 2019 tax return? We love tax and will held you claim what you are entitled to within the law. This year due to the change over to STP (single touch payroll) some employees will not get payment summaries. If this is the case don’t worry we can get get your pay data directly from the Australian Tax Office (ATO)
This year the ATO is paying close attention to “estimated” claims. For example say you bought a pair of work boots for $83.95 a lot of people will claim $80 or $85 on their tax return rather than finding the real receipt and claiming the exact amount. The ATO will pay particular attention to claims like this so I suggest rather than estimating its worth getting out your bank statements and credit card statements and finding the exact amounts.
Apart from that there is not much change for individual tax payers, the tax laws are much like last year although the current Liberal Government has promised a tax cut of a around $1000 for most tax payers – this applies to the 2019 tax year but as of today’s date (13th June 2019) the law has not passed! This could see some last minute activity to get all our software and systems ready to adapt to this new law.