Tax Time 2023

With the 2023 financial year now finished, it is time to think about preparing your tax return. Below are links to our checklists designed to help you collate the information we need to prepare and lodge your tax return efficiently.

• GTP 2023 Income Tax Return Checklist – Individual
• GTP Rental Property Tax Checklist

To make a tax return appointment, please contact our office on (03) 5382 4761 or book online here. Our team can meet with you in person, online via Microsoft Teams or Zoom, or work through your tax return over the phone.

Looking for Business, Investment or Self-Managed Superannuation Fund tax advice and preparation? Please contact our office to discuss your requirements with one of our Accountants.

2023 Tax Tips

• Update your details – Have you moved address, changed your phone number or are using a new email address? If so, let us know to make sure that any correspondence makes it to you as quickly and as efficiently as possible.
• Would you prefer electronic tax returns? Is paper weighing you down? We can provide your tax return in electronic form and can arrange for you to sign electronically.
• Bring along your bank account details – The Tax Office no longer pay tax refunds by cheque and require that tax returns expecting a refund include bank account details.
• Do you have a myGov account? If you have linked Tax Office services to your myGov account, all notifications and correspondence from the Tax Office including tax assessments, PAYG details, overdue notices will be sent directly to your MyGov account. You will receive email or text message notifications from MyGov. Please ensure you check all inboxes (including junk) on a regular basis so none of these important notices are missed. Once the Tax Office is linked to your myGov account, your Tax Agent no longer receives these Tax Office notices on your behalf.

2023 Tax Return Due Dates

You will no doubt hear that individual tax returns are due for lodgement by 31 October. This is true if you are lodging yourself via myGov, but if you’re using an Accountant the due date may be different.

Your tax return will be due by 31 October 2023 if:

• You choose to lodge via myGov or a paper tax return, or
• Did not lodge your 2022 or a previous year tax return by the due date.

If lodging through a Tax Agent, your tax return will be due by 31 March 2024 if your last tax return resulted in a tax liability of $20,000 or more.

Your tax return will be due by 15 May 2024 if you don’t fit into the categories above.

GTP Tax Return Fees

Our fees to assist with the preparation of your 2023 individual tax return are as follows:

Wage earner – individual	$305
Wage earner – couple	$550

The following items attract additional fees:

Rental properties	$260 for the first property $205 for each additional property
Share sales	$50 (per parcel)
Business income and expenses	Please contact us to discuss

** Please note, the fees outlined above are subject to complete and tidy information being provided. Incomplete records may incur additional charges **

If you need help to lodge overdue tax returns or amend a tax return you have lodged via myGov, please contact us to discuss.

We require payment upfront at the time of preparing your return – we do not offer deduction of fees from refunds.

GTP Extra Client Care Cover

Would you like additional protection in the event of a Tax Office audit? We offer ECCC covering accounting fees relating to income tax audits as follows:

Individual	$160
Couple	$240

Tax Record Keeping

Generally, tax records must be kept for 5 years from the date you lodge your tax return. Some specific situations require different time frames. See the Tax Office website for further information or discuss with your Accountant.

Need help keeping your records together? The Tax Office app has a record keeping function called myDeductions where you can keep track of all of your receipts including photos!

Not sure if you need to lodge a tax return?
Generally, if you earn less than the tax-free threshold you will not be required to lodge a tax return, however there are circumstances in which you will need to lodge.

For more information and to use the Tax Office Do I need to lodge a tax return? tool, visit the Tax Office website.