Tax seasons, which are periods where individuals and businesses could file tax returns, often differ from one country to another. In Australia, for instance, the tax season usually runs from July 1st to October 31st although businesses need to submit their monthly and quarterly activity statements all year round. Taxes could be baffling and even daunting for most people. However, not filing taxes in the appropriate time could result in hefty penalties for both individuals and businesses. While dealing with taxes might seem difficult, it could still be done easily if you are prepared and organized for it. Click Here.
Remember These During Tax Season
Filing tax returns looks like a hard and confusing process for several people. But remembering these tips could help you organize your tax returns and file them more efficiently and easily.
Verify Whether You Would Need to Pay Taxes
The Australian Taxation Authority or ATO reported that almost half a million Australians filed their first tax returns in 2015. While that seems like a lot of people, that does not mean you would also need to follow through the process unless you earned an income, benefits, or generated any kind of money that is taxable. You can always verify if you are required to file a tax return by checking with the ATO or with any other tax authority if you live somewhere else.
Do Not Forget The Deadline
If you are an individual taxpayer instead of a business that has to submit a statement of their activities year-round, always keep in mind that the deadline for filing taxes in Australia is on the 31st of October. Nevertheless, you can check on the Internet for the deadline of filing taxes if you reside in another country. Whatever the deadline for filing tax returns would be, always try to remember it so that you would not have to rush when it's time to pay taxes.
Keep Your Documents Organized
As with other activities that involve a ton of paperwork, keeping your relevant documents neat and organized is very important in filing taxes. This is important especially if you have receipts or proofs of expenses that could qualify you for tax deductions. Being organized could also come in handy when you are subjected to an audit since you will be asked to prepare receipts, proofs of expenses, and other important documents during this process.
File Your Taxes Online
The Internet has helped many people do things faster and more efficiently, and this applies to taxes as well. The ATO and other tax authorities elsewhere have automated systems where taxpayers could fill up forms through the Internet and even pay taxes online. This streamlines the process for both the taxpayers and tax authorities and the Internet makes tax returns easier to do and more accessible for everybody.
Have an Accountant or Financial Planner to Help You
Taxes are stressful and confusing at the same time. However, most businesses and individuals often file tax returns on their own. While tax returns could technically and legally be filed without anybody's help, it would still be best to get the help of an accountant or financial planner as they help simplify the process and they could also check if you are eligible for tax deductions and exemptions.
Conclusion
Let's admit it, taxes are neither fun nor easy. But filing tax returns, whether you own a business or have a job, is an important duty that you would need to do as a citizen of your own country. Filling up forms and paying taxes may seem boring or difficult, but this is one way for you to contribute to your country.
