Ah, tax refunds . Who doesn’t love that extra kickback of cash at the end of a year filled with paying tax? Some of us, of course, rely a little too heavily on that extra cash injection coming back to us, and you want speedy processing times. In 2015, the ATO is making a lot of changes as well as system upgrades, so you may be concerned about delays in the processing procedure. Here’s some tips to help make sure your refund is processed fasted.
Start by being organized. Your basic source documents are critical to the process, so make sure you can lay hands on them a lot easier then you may be inclined to. Keep receipts neatly organized, make sure every possible deduction has a proof document and don’t lose track of small ones like charity donations. Have all your PAYG documents and interest earned claims to hand too- don’t estimate these amounts. Remember that the tax office receives the other half of all those documents, and knows exactly what you earned, so this is a fast track to failure. If you’re using online filing, this is even easy with quick uploads.
Simplify your tax return process by knowing what you need to fill in and what you don’t. Tax returns for most individuals are actually quite simple, with complexity only being introduced where there is multiple income sources, etc. Don’t be intimidated and let your brain turn to jelly.
Next, make sure to double check the little details. You can have points deducted and your form returned to you by the ATO for things as simple as the wrong contact details- how stupid is that as a delay? Make sure you use a valid email that you check regularly- and that the tax email address itself is added to your safe sender list so you don’t miss things. Check little details like your name and mobile number. Also, try to make sure that the ATO records are updated timeously if your details change, as discrepancies in this data will cause delays for sure.
If in any way you have more than the simple basic tax return to fill in, you are strongly encouraged to let an expert tax service assist you with the filing process. Not only does this cut down on mistakes made that may delay payments, it also could prove beneficial to you in the sense of having experts in tax and deduction law looking out for you. They can maximise your claims and make certain that you’ve explored every legitimate angle for your return possible. Not only will it cut down on so called audit triggers in your return, it will give you the solid peace of mind of knowing that the best possible return has been presented to assist you.
Overall, maximising your deductions will help increase the size of the refund, and neatness, organisation and double checking of details are key to ensuring that delays in the refund process do not occur.
Keyword: tax refunds