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Online Tax Returns – Should You Do It?

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Some people think that by doing their tax online, they will save time and money. But, it’s not a simple as you think, with most getting it wrong. By doing your tax online you could:

  • End up paying too much tax (much more than you need to), or
  • Make substantial errors that bring you into the ATO’s spotlight.

We know how important it is for you to maximise your Tax Return every year. But, by doing yours online, you could be missing out on significant opportunities to reduce the tax you pay by not knowing what you’re entitled to claim.

Sure, you could get the job done with an E-Grade Tax Return, but why do that, when we can get you an A+?

 

BUT IT’S EASY AND CONVENIENT, RIGHT?

Despite what you may think, the ATO didn’t create this online “quick fix” system for your convenience. Your notion of saving money could actually end up COSTING YOU MUCH MORE than you realise.

Given that doing your tax online could lose you the opportunity to claim deductions you’re unaware about, claim too much, make mistakes or even give yourself a red flag – is it really worth it?

At Knox Taxation and Business Advisory, we care about you.  As your tax agent, we:

  • Don’t want you paying more tax than you need to
  • Will educate you about tax saving strategies going forward
  • Will be here to bat for you all year round and take your calls or answer any questions
  • Will deal with the ATO on your behalf

Many Tax payers are receiving the below ATO alert within their myGov accounts or on the ATO portal:

Work Related Expenses

Your total work-related expenses for 2016-17 were high compared to those in the same occupation with a similar income. We recognise that larger claims can be legitimate, however we may review deductions if they remain high in 2017-18. In preparing for this year’s return please ensure that:

  • The money you spent has not already been reimbursed by your employer
  • The amount claimed is directly related to earning your income
  • You have a record, and receipts to prove it

Avoid being flagged by the ATO by consulting with your accountant first. They are experts at knowing exactly what you can and cannot claim. So, rather than being scared, let us keep you safe!

 

PREVIOUS CLIENT EXPERIENCES: COMPLETING TAX ONLINE 

Client 1:

“I’m confused. My friends told me that I could minimise my costs by doing my tax online, so I thought I’d give it a go. But, I don’t know what I’ve done! I now have to pay the ATO $2,000, but nothing has changed this year. I don’t get it! Can you help me?”

Client 2:

“I tried doing my Tax online this year, but I really struggled. I don’t know what to claim and it’s not user friendly. I thought it was supposed to be easy. Can you explain where I’m going wrong?”

Client 3:

I did my Tax Return online last year – and I’ll never do it again! What was supposed to be simple and free turned out to have hidden charges, no guidance, and I felt totally confused by it. It was a terrible experience.

Knox Taxation, on the other hand, greet me like an old friend every time I walk in the door. I feel cared about, they’re highly professional, and from the very first visit I trusted them immediately. I enjoy the informative newsletters they send out as well. After trying the online thing I can honestly say you can’t beat Knox Tax’s great quality service, and the way they explain everything. Their personalised approach is so impressive!”

 

IN CONCLUSION…

We’re not saying “Don’t do it.” As for some, online tax returns can suit their situation. But, if you’re unsure and considering doing your next return online, ensure to talk to us FIRST. We wouldn’t want you to make the same mistakes as others.

We may not give head massages (Sorry!), but we can get rid of your Tax Return headache.

 

 

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