There is no denying we live in a technologically innovative world. As consumers, we are regularly bombarded by 24/7 advertising for new software programs, operating systems and Cloud platforms, which promise to make our financial lives simpler and faster. As a result, in this digital age, it can be tough to see the value in employing a (human) tax agent to prepare and lodge your yearly tax return. Developers of the constantly updating online accounting programs spruik terms like “intuitive user interface”, “automatic feed” and “live data input” – all of which are great, yet only as good as the time you invest to enter the data yourself.
When you take into account the implications of incorrectly submitting your tax return, or entering erroneous data; implications which can include late penalty fees, interest charged, or in the worst case scenario, prosecution; engaging a tax agent such as MSI Taylor, is a priceless investment in your peace of mind.
Did you know?
- Individuals, who are planning on lodging their tax returns themselves this financial year, have until 31st October 2016 to lodge with the ATO. If you lodge late, you may incur financial penalties of up to $900 (for up to 5 months late), plus the interest charges on any tax payable.
- Using a registered tax agent such as MSI Taylor, will give you an extension of time to lodge your return; in the majority of case, you will have until May 2017.
- You can take advantage of the lodgement extension by advising us to add you to our list of clients before the 31 October 2016 deadline – if you miss this deadline, you won’t be able to get the lodgement extension and could face late lodgement penalties.
- If you are on our client list, but lodged last year’s return late, you will need to lodge your 2016 return by the 31 October 2016 deadline to avoid penalty.
If you are unsure about which deadline applies to you, get in contact with us or your existing tax agent to confirm.