Yes, it is that time of year again. We love tax season, but we know that most of our clients are not so keen. That’s why we work so hard to make it as easy as possible for you no matter how busy and crazy the world gets.
At Rowe Partners Accountants & Business Advisors we strive to deliver the best tax return service and advice that we can offer. However, as you know, COVID-19 has thrown everyone a curveball. So tax time will look a bit different this year as we continue to steer our business through the COVID-19 pandemic and help our valued tax clients to meet their ATO obligations.
Solving Covid-19 Tax Time Challenges
We have carefully worked through a strategy and have implemented solutions for this upcoming tax season that will work to ensure you receive the level of service and support you have come to expect from us - all at a safe social distance.
Rowe Partners Now Offer 3 Great Tax Return Options
Depending on your preferences and individual circumstances, you can choose from 3 secure COVID-Safe, contactless tax return options including remote tax preparations services via Zoom, phone and email. To find out more or book, visit https://www.rowepartners.com.au/tax
RP Tax Express e-tax returns start from only $110*. If you are working from home, have a straightforward tax return or would simply prefer not to come into our offices, RP Tax Express will probably suit you. If you prefer a one-to-one, more personalised service and have more complex tax considerations such as investment properties, investments, Capital Gains Tax, business, or depreciation schedules then RP Tax Connect or RP Tax Direct, starting from $175* will be ideal.
To find out more or book, visit https://www.rowepartners.com.au/tax
Here Are Some Handy Tips From our Associate Accountant Tegan Harrison To Make Tax Time Easier!
Everyone’s tax situation is different but here are some general tips that will help you and/or your business be prepared for the end of the 2020 financial year.
Tegans' #1 Tip
Get tax records organised early to save time and money
We find that people who are better organised with tax and financial paperwork tend to save money on tax preparation fees at the end of the financial year.
Here are 3 key things you need to provide your Rowe Partners accountant with so we can help you best and get your return completed more efficiently.
A copy/backup of your accounting software including login details such as username and password and version of software
Copy of your balance sheet and profit/loss statement if you are unable to provide your accountant access
Rowe Partners can generally access information such as PAYG Payment Summaries, bank interest received, Centrelink Payment Summaries, dividends received, however this depends on whether the ATO has it on record. If you book an early appointment with us, please note we may not always have access to this information. Please make sure you have access to the following:
Employer PAYG Payment Summary
Centrelink Payment Summary (you will need to log into your My Gov account for this information. Centrelink no longer sends it)
Superannuation PAYG Payment Summary
Bank interest received for the financial year/ Most banks, credit unions will provide a summary as at 30 June.
Dividend statements, information regarding cost base/sale if any shares sold
Managed Investment Tax Statements
Private Health Insurance statements
Accurate records of expenses, including logbook of kilometres travelled for work/business purposes, an internet/phone diary, payments for income protection insurance. Please include any items that you have questions on, your accountant will inform you why/why not certain items can be claimed as deductions.
#2 Tax Tip - Book Your Tax Appointment ASAP
The sooner your tax return is processed and lodged, the sooner any refund monies are in your bank account working for you.
Book an appointment with us as soon as your financial records/documents are completed and before your lodgement due date. The ATO will start the processing of 2019/20 financial year tax returns on 5 July 2020 and expect to start paying refunds from 16 July 2020.
Tax returns for individuals and trusts, with one or more prior-year tax returns outstanding are due on 31 October 2020. Tax returns for remaining individuals and trusts are due 15 May 2021 (providing the tax return for individuals and trusts whose latest return hasn’t resulted in a tax liability of $20,000 or more – which are due on 31 March).
#3 Get Up To Speed With Electronic Record-Keeping
We recommend that you go digital with your record-keeping with a quality accounting software program and scanned copies of receipts for expenditure. Shoe boxes filled with paper receipts are so yesterday! But if you don’t use accounting software, Excel spreadsheets, labelled folders are a great way to manage income and expenses.
Keep your tax information in a folder labelled 2020 Financial Year and organise the folder with heading lines for example;
Business Reports (Balance Sheet & Profit/Loss)
Bank Statements (feel free to use a separate folder if you have too many – these are generally not required for an individual tax return)
Income (for PAYG Payment Summaries, dividend statements etc.)
Expenses and include your invoices/receipts for work/business related costs
BAS & IAS
Or a list of income/expenses set out in an Excel spreadsheet
#4 Complete Bookkeeping Jobs By June 30 or soon after
At the end of the financial year, there are some jobs that need to be completed either by June 30 or not long after. Here is a list for some of them. Note that not all of these are required. It depends on your business. Contact us at Rowe Partners if you have any queries:
Reconcile all bank accounts and credit cards as at 30 June 2020
Stocktake as at 30 June 2020
Ensure any outstanding BAS/IAS are lodged
Back up your software file if not using cloud software
Ensure any wage updates are made
Employee PAYG Payment Summaries, these need to be sent to employees by 14 July and to the ATO by 14 August
Taxable Payment Annual Report by 28 August
Experience The Rowe Partners Advantage. It Pays Off!
The quality of our service, our experience and in-depth tax knowledge, as well as a genuine focus on providing clear advice truly sets Rowe Partners Accountants & Business Advisors apart from other accounting firms.
Your Rowe Partners Accountant will work with you to help minimise your tax liability. We are happy to review your accounts and offer services such as tax planning to help minimise the risk for any surprises in the upcoming financial year. We can also offer support and provide advice on changes that could be made to help reduce your tax liability, such as keeping better records and ways to do this.
For a more in-depth, personal tax consultation, we recommend you book a RP Tax Connect or RP Tax Direct Appointment. This will ensure we have sufficient time to fully assess your situation and make appropriate recommendations. Tax diaries are open now.