Following the announcement of the new Low and Middle Income Tax Offset and the hype that surrounded it at the start of the tax year, income tax lodgements through MyTax rose 11% this year, but average tax refunds rose only slightly and more returns have needed to be corrected.
Industry experts have suggested that the difficulty of using the deductions section of MyTax, the rush to lodge returns this year and confusion and fear about what can be claimed are responsible for the lacklustre refunds.
“It’s tied to the offset.” said one leading tax commentator “People rushed to lodge their returns, particularly through myTax and particularly in July, and a lot of people ended up simply not claiming things they could claim – and in some cases, they didn’t claim anything at all.”
But the good news is that people who missed out on claiming things they were entitled to have two years to amend their return from the date they lodged.
If you lodged your own return and would like it reviewed by an expert to see if there’s more deductions you’re entitled to, get in contact with us.
If the ATO then determines you are eligible for more cash, the extra amount will simply be paid into your account just like your regular refund is.
"We have been using Haslam Consulting and Accounting for over seven years to look after our bookkeeping. We have found their serive to be outstanding on both a professional and cost effective level. Having our accountant do bookkeeping increases their understanding of our business and frees up our time to work on growing the business." Craig Lloyd, Director Craig Lloyd Painting Services
Phone: 1300 427 526
Address: 4/64 Annand St
Toowoomba City QLD 4350
(Entry Via Hall Lane),
Mor people lodged through myTax this year, but they may be missing out on refunds. Get us to review your self-lodged return to see if you missed any deductions.
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