The holiday is over
“It may be tempting to get it done ASAP, but jumping in too early can cause problems”
It has been anything but business as usual in the world of taxation. “The ATO has been very lenient throughout 2020, offering payment arrangements, deferrals of lodgements, remission of penalties and general interest charges, and generally trying to accommodate the difficult financial position many taxpayers found themselves in as a result of the lockdowns and impact of international and state border closures,” says Robyn Jacobson, a chartered tax adviser and senior advocate at the Tax Institute. “But as our economic recovery continues, the ATO is now shifting its focus onto debt recovery and collection, and following up outstanding lodgements, moving back to a ‘business as usual’ stance.”
Given that state of play, here are some expert tips to help you navigate your tax affairs this financial season.
GET IT RIGHT
Optimising your tax refund means maximising your deductions while
