Can you believe we are in June? Yep, 30 June is just around the corner and so is tax time.
The ATO is preparing us for the new financial year advising that they will start processing 2019 income tax returns on 5 July 2019 and expect to start paying refunds from 16 July 2019. Their aim is to finalise the majority of electronically-lodged current year tax returns within 12 business days of receipt, so if you want your refund as soon as possible, then get your return in early!
There are also a couple of key changes in 2019:
· Remember the election promise of an increased Low and Middle Income Tax Offset of up to $1,080 if you earn less than $90,000 per annum? The only way to access this cash is to lodge your 2019 income tax return. Mind you, the offset is not actually legislated just yet, but the ATO has said that if you lodge your return early (prior to legislation passing) they will automatically amend your assessment to apply the offset.
· If your employer uses Single Touch Payroll (STP) where they report your wages, tax and super to the ATO every pay day, you will not receive a Payment Summary (formerly called a Group Certificate). Income Statements will replace Payment Summaries and you can only access these statements through ATO online services such as myGov, or your tax agent will be able to access the information via their ATO Portal. So don’t wait to physically receive your Payment Summary if your employer uses STP!
· You also don’t need to wait for your Private Health Insurance Statement – from 1 July 2019, health insurers are no longer required to send private health insurance statements, it is now optional. Again, this information will be available through ATO online services in your “pre-fill” report by mid-August. If it is not populated by then, you will need to request a statement from your insurer.
Like many things in life, we are being forced to go online to access information. This certainly reduces time and paper but change can be confusing and tax legislation can be complicated.
If you need help preparing for tax time this year, please contact our professional team at UHY Haines Norton on 4972 1300 and let us make life easier for you.
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