It’s Tax Time!
With the first month of the new financial year underway, you would be receiving the various year-end tax records required to complete your 2014 income tax return. To assist you in compiling and organising your 2014 tax records, please click here to view our 2014 individual income tax return checklist.
For those of you expecting an income tax refund upon lodgement of your 2014 income tax return, we’d like to remind you that the ATO is no longer issuing refund cheques. Refunds will instead be directly credited to nominated bank accounts therefore bank account details must now be supplied in your income tax return. Where you elect to have our fees paid from your refund, we will supply our trust account details in your income tax return, receive your refund on your behalf and then remit the balance of your refund monies to your nominated bank account. Otherwise, your bank account details will be lodged with your income tax return and you will receive your full refund directly from the ATO. In order to avoid holding up the preparation and lodgement of your income tax return unnecessarily, we ask that you supply your bank account details at the time you forward your tax records, even if you have supplied these details in previous years. This ensures we are always following your current preference for the banking of your income tax refund.
If we haven’t received your 2014 tax records by the end of September, we will contact you to discuss the scheduling of your income tax return preparation for a time that suits you and takes into account your lodgement deadline.