Act Now – Pay Later
You know it’s Tax Time, but did you know you can “manage” your tax Refund date or tax Payment due date(s) to your advantage?
Your Tax Refund or Tax Payment date will depend on the date you lodge your tax return. That means you can control your tax timing and avoid unexpected tax bills.
Don’t Jump the Gun
The temptation is to lodge ASAP after 30 June however that may not be the best plan. Tax returns that are lodged too early are often amended by the ATO to include missing income and penalties.
A July refund can easily turn into an unexpected bill when the ATO red-flags your mistake.
Timing is Everything
The best time to lodge your tax return depends on your expected tax position (Payable vs Refund) and your cashflow.
When you know the outcome of your tax return in advance, you can speed up your Tax Refund or slow down your Tax Payment by managing your lodgement date.
Act Now
Beck Partners approach is to Prepare tax returns “early” (as soon as all the information is available) so that the tax payable or tax refund and the future PAYGI instalment amounts can be calculated in advance.
If a Refund is due we lodge your return early and the ATO drop the money into your bank account
If tax is Payable you are provided with the option to delay lodgement of your tax return so the tax is not payable until as late as June the following year.
Tax Planning & PAYG Instalments
The date of lodgement of your tax return impacts on both your tax payment due date and the resetting of your PAYG tax instalment amounts.
Tax Planning to predict your Tax and PAYG outcomes prior to 30 June is often the best strategy (PTPPPPP).
However, nobody is perfect, so even in the absence of prior tax planning, this is one way we optimise tax return lodgement dates, tax cashflows and peace of mind for Beck Partners clients.
Next Steps
Find out more about Beck Partners , Who We Are and What We Do at our website and feel free to contact info@beckpartners.com.au if we can be of any assistance.
p 0419 671 602 e info@beckpartners.com.au