Hey there! Welcome to this week’s epsiode of Catalyst Plus TV!
Continuing on our super exciting topics (you know – cool tax stuff) we realised that there’s a myth out there about outstanding tax returns.
We’ve had quite a few people recently come in to fix up their overdue tax returns we found that it’s been a bit of a domino effect for them and quite unintentional.
For what ever reason, they’ve missed one return, and then before they knew it a few years rolled by and they found themselves behind.
Every time they thought about getting back on track, the task seemed too complicated or too big, some were even feeling a bit embarrassed that they were so behind and didn’t know what to do to get back on track.
We also found that having multiple returns outstanding caused a a fair bit of anxiety or worry for these individuals. They were worried they would have a big tax bill, or that they’d get into trouble with the ATO.
Does this sound like you or somebody you know?
Well this week’s episode is FOR you! We’re going to show you how easy it is to get back on track!
The super brilliant news is that getting back on track doesn’t have to be so hard.
First up, I want you to know two really fun facts
Ok, they’re fun facts for us Calculators, HOWEVER, I think you’ll like them….
Fun Fact #1
In 2016 the Australian Securities and Investment Commission (ASIC) found that the average tax refund for individuals was $2,112!
Admittedly, not everybody will get such a big return, but the odds are that you will likely have a tax refund owed to you.
It also means that the ATO is actually holding onto your hard-earned cash!
Fun Fact #2
If you are owed a refund the ATO generally won’t charge you a fine for being late, they may (depending upon how many returns you need to do) send you a letter of caution.
We think these two fun facts are both really great financial reasons to get your old overdue returns done.
If you had 3 tax returns with the average refund, you’d have over $6,000 and enough to buy a motor bike or finally pay off that credit card debt….
What would you do with that kind of money?
How you can get back on track
As always, you have two options available to you:
a) Do it yourself
You can do your outstanding tax returns yourself using your MyGov account.
However, I really recommend option b.
b) Get help
In this situation, it’s probably much better for you to go get some help from a Tax Professional.
You’ve already put off getting your returns done for a while, and you need to make it as easy as possible to get back on track.
Use the time to get educated on how to make sure you can stay on track, and what kind of deductions are relevant to you so that you can get into the habit of keeping the right records.
How to find your groovy accountant?
Ask a trusted friend for a recommendation, or search via google or yellow pages.
Make sure you search for somebody you can relate to.
What do you need to take with you to your appointment?
1. Tax File Number
2. Any payment Summaries you may have
3. Health insurance statements
4. Receipts for Donations to charities
What next?
If this epsiode was of help to you, or you know somebody it may help, please share and forward via social media.