Is my tax agent legit?

legit-yes-noAt #CATS4Tax we are Registered Tax Agents – Number 25591120 so you have peace of mind knowing we have you covered at tax time and all through the year for your business. Have a tax question? let CATS4Tax give you the answers you need.
So how do you know if your tax agent is legit… Click here search the register to find out if your agent is registered with Tax Practitioners Board.
 

Keeping your tax records

Woman managing the debtWhy is keeping good records for my tax important? so your tax adviser can work at their absolute best to help you complete and lodge your return on time each year.  Once you have a system in place or know what you need to keep, the rest is easy.
Keep written evidence for all your income and expenses.

Why?

  • To ensure you are able to claim all your entitlements
  • It helps your #CATS4Tax agent prepare your tax return, quickly and accurately
  • to provide written evidence of your income and expenses
  • to ensure you are able to claim all your entitlements
  • in case the Tax Office asks you to prove the information you provided in your tax return
  • reduce the risk of tax audits and adjustments
  • improve communication with the Tax Office
  • resolve issues relating to disputed assessments or adjustments
  • avoid exposure to penalties.

Other reasons for keeping good records are to:

  • make best use of your tax adviser at CATS4TAX – rather than paying us to sort through a shoebox of paperwork, give us well-prepared records so we can ensure you get what you are entitled to
  • minimise the cost of managing your tax affairs.

 

When is my tax due?

tax-due-date.jpgIf you lodge:

  • through a tax agent, they can tell you when your tax return is due.
    Give Lyndall a call today to find out.
  • yourself as a
    • sole trader, partnership or trust, your tax return is due by 31 October
    • company, you will need to check the due date. Generally the lodgment and payment date for small companies is 28 February. If you have any outstanding tax returns, the due date is 31 October.

New rate for Car Expenses

31 August 2018

The rate for work-related car expenses has increased for the income year starting 1 July 2018. It is now 68 cents per kilometre.

This applies if you have chosen to use the cents per kilometre method for calculating work-related car expenses and will remain in place until the Commissioner decides it should be varied.

If you are paying your employees a car allowance in excess of 68 cents per kilometre, you need to withhold tax on the amount you pay over 68 cents.

For more information https://www.ato.gov.au/Newsroom/smallbusiness/General/New-rate-for-car-expenses/?sbnews20180912

Remember, CATS4TAX is a registered tax agent and BAS agent – we can help you with your tax.