These are some of those things that will never be told to you by a tax agent when it comes to tax planning.
- For Free Tax Software, you are not Eligible – The tax agent will never reveal the fact that you are eligible for using the online tax forms. In fact, everyone is eligible to use this online form.
- Your Rewards can be Taxable – The chances of someone who gets a reward can be taxable. This later leads to you being eligible to pay the reward as taxes. This is another fact the tax agent never reveals. The best thing to do is to keep a record of such rewards to ensure no confusion or problem is created.
- Filing is Important even if you are Unable to Pay it – Between 2 incidents failure-to-file and failure-to-pay, the previous one is worse during the event of facing penalties. According to the tax department, filling the correct form and offering proper documents are important even if you have no money. The payment can be negotiated with the tax department later.
- Whenever you Offer Donations to the Charity, always ask for the Receipt – If you are going to offer donations to a charity, it is vital that you ask for a written receipt of statement. The receipt should include all the information related to the goods and services which will help you to file for tax deductibles during the time of paying taxes. Another secret the tax agent will never tell you.
Speak to an accountant who works for accounting advisory services in Sydney to help you with filing for taxes.