Do I need to do a tax return?
If you are Australian resident for tax purposes and earned income in Australia, it is compulsory that you lodge your tax return every financial year. In some circumstances, our tax agents can help you determine whether or not you need to lodge a tax return.
When is my tax return due?
Tax returns are due on the 31st of October each year for the previous financial year (July 1 2021 – June 30 2022). If you complete your tax return with a registered tax agent or accountant then you may be eligible for an extended tax return deadline (dependant on your situation). This is only applicable if you have lodged your previous tax returns on time. If you would like to take advantage of this extension make sure you contact MacBride Hinton & Co.
Can I lodge my old tax returns with MacBride Hinton & Co?
You can lodge both the current year as well as all previous outstanding years tax returns with us. As a tax agent we have access to your tax portal to get information from previous years.
How much does a tax return cost at MacBride Hinton & Co?
Individual tax returns start from $121 at MacBride Hinton & Co however they are tax deductible for next years tax return.
What happens if I don't lodge a tax return?
If you’re required to lodge a tax return by a certain date and you don’t lodge it, you may receive a failure to lodge (FTL) on time penalty. The ATO will get in touch with you via SMS, MyGov message, phone or letter before giving any penalties. Penalties are calculated one penalty unit for every 28 days your tax return is due with each penalty unit for small businesses being $222 and can go up to a maximum of $1,110. For medium and large businesses this penalty will be much larger.
Do I need an accountant to do my taxes?
You can lodge your tax return yourself or you can go to an accountant who’s also registered as a tax agent. Although it’s not compulsory to lodge with a tax agent, it is recommended as you may increase your tax refund significantly. If you own a business, lodging with MacBride Hinton & Co will be an advantageous as we are knowledgeable about industry specific tax deductions and will let you know what you can and can’t claim while being compliant with the law.
How long until I get my tax refund?
The Australian Taxation Office (ATO) aims to process electronically lodged tax returns within two weeks with paper returns taking up to 10 weeks.
Why am I owing money on my taxes?
You may owe money to the ATO if you:
- are an employee and you haven’t had enough tax withheld from your pay by your employer or had more than 1 job during the financial year
- are a sole trader and haven’t paid tax in advance to the ATO during the financial year
- received other streams of income where tax was not withheld such as sharing economy jobs/investments (Capital gain, Overseas income, Investment income or income from Uber, Ola, Deliveroo, Uber Eats, Door Dash, Di Di etc)
What do I need to bring to MacBride Hinton & Co for my tax return?
Prior to your appointment with MacBride Hinton & Co please ensure that you have your PAYG payment summaries and if applicable taxable government allowances such as JobSeeker, Youth Allowance and Disability Pension, lump sum and termination payment summaries, interest from bank accounts and dividend statements. It will also be helpful if you have your work related expenses that you paid/related to work ready including expenses for protective clothing, self education, travel and running expenses from working at home. Check out our tax return checklist here for more information.
How can I estimate my tax refund?
You can receive an estimate on your tax refund using the ATO’s calculator. Check if you are eligible to use the calculator prior to using it.