In order to be tax compliant, you simply have to lodge your income tax return on time, in accordance with tax rules, and settle any tax position before the deadline. To help you achieve this, we have set out the 5 simple steps you need to follow:
1. Understand what your obligations are
To become and to stay tax compliant, you need to understand what is expected of you. Everyone’s situation is different, however the below question can help you understand what your obligations are:
Are you a sole trader?
If yes, you need to consider the following:
- Do you need to be registered for GST purposes and report BAS?
- You must lodge an income tax return each year to declare your business activity. You can read more about this here.
- Depending on your circumstances, you will most likely need to lodge an annual income tax return.
If you are unsure about your situation, we can help. Simply send us an email here:
2. Diarise key lodgement dates
Take advantage of Airtax lodgement extension of up to 6 months to manage your time. We will also send your reminder emails when deadlines are approaching so that you lodge your tax return on time.
3. Keep records of expenses
Your expenses can be claimed as deductions on your personal tax return and can reduce the amount of income tax you are liable to pay the ATO. Keep any receipts of your expenses throughout the year to make this simpler for you. Find out which expenses are commonly get forgotten here.
4. Lodge through a registered Tax Agent, such as Airtax
- Lodging through Airtax enables you to have your return reviewed by an expert before it is lodged with the ATO to ensure it is compliant with tax rules.
- If needed, you can also have your questions answered and tax position optimised through a one-on-one phone call with a PwC accountant through our Tax Assist and Tax Professional services. You can book these services by selecting 'Tax Assist' or 'Tax Professional' from your Airtax dashboard via the below link.
5. Ask for help when you get behind
- It is not uncommon to get behind in your tax lodgements from time to time. Our team is able to assist you with identifying what you have outstanding, and advise on a strategy to help get you back up-to-date. Reach out to our support team for assistance here.
- Should you require assistance with meeting an outstanding tax liability. you can organise a payment arrangement with the ATO. You can find out more about this here.