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Speaker 1: It's time to get the receipts together. It's tax time

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Speaker 1: and to help you navigate it all. Heather more, tax

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Speaker 1: expert at the night group. Good morning and happy new

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Speaker 1: financial year.

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Speaker 2: Heather, good morning us. Well, yes, happy new financiallyar to

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Speaker 2: you too.

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Speaker 1: It's the second day of the new financial year. We

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Speaker 1: thought we'd be lieve it a day just to let

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Speaker 1: everybody get over their financial New Year's Day hangover, because

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Speaker 1: everybody celebrates it, don't they.

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Speaker 2: Don't they? Heather, Yes, well, we tax agents do anyway,

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Speaker 2: but that's yourself.

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Speaker 1: Many may be celebrating the tech the stage three tax

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Speaker 1: cuts now apparently we all get them. But is there

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Speaker 1: any idea of how much more will we staying in

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Speaker 1: our weekly or monthly pay packets?

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Speaker 2: Yes, so, as you know, our tax system is a

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Speaker 2: progressive system, so it all depends on how much we're

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Speaker 2: earning in terms of how much this is impacting us.

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Speaker 2: But as the government has been putting out there, the

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Speaker 2: messaging is every o the taxpayer, we'll get a tax cost,

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Speaker 2: you know, starting from yesterday. So just giving some examples,

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Speaker 2: if you're earning fifty thousand a year, you're expecting a

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Speaker 2: nine hundred and twenty nine dollars reduction in tax for

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Speaker 2: the year, which is just under eighteen dollars per week.

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Speaker 2: At one hundred thousand of the earnings, that would be

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Speaker 2: just over forty dollars per week, and over one ninety

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Speaker 2: which is now the kind of top threatehold for tax,

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Speaker 2: you're expecting a cut of eighty seven dollars per week.

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Speaker 1: So the text cuts have in part been brought about

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Speaker 1: to help us with the cost of living crisis. Do

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Speaker 1: you think they will or could they possibly fuel the problem?

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Speaker 2: Well, this has been you know, the really difficult situation

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Speaker 2: the government was in. You know, they want to put

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Speaker 2: more back into people's pockets, but wanting to not have

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Speaker 2: an inflationary impact with that. So obviously every little bit helps.

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Speaker 2: You know, we've all seen our grocery bills kind of

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Speaker 2: creep up over the last last year two years, have we,

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Speaker 2: So just having that extra amount and you know, trying

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Speaker 2: to strike that balance by not having it as a

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Speaker 2: lump somewhere. You do your tax return and you get back,

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Speaker 2: you know, fifteen hundred dollars, that might encourage you to

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Speaker 2: go out and splurge on something. I think they're hoping

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Speaker 2: that because this is more of an incremental improvement that

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Speaker 2: the people will actually put it towards their day to

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Speaker 2: day rather than kind of go out there and spend

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Speaker 2: and fuel that inflation even further.

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Speaker 1: Because there are some there are electricity bill rebites from

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Speaker 1: the stude end the federal government. When are we actually

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Speaker 1: to also help When are we going to say those

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Speaker 1: coming to affect? Is it going to be in a

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Speaker 1: lump sum or is it just going to come off

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Speaker 1: the monthly bills? How's that going to work for people?

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Speaker 2: Yeah? Again, it's going to be credited to the power

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Speaker 2: account by you know, the energy company. So this seems

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Speaker 2: to be the tactic being used by the government rather

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Speaker 2: than giving people that lunsum into their pocket. And so

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Speaker 2: the federal credit is three hundred dollars and that's going

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Speaker 2: to be spread over four four installment credits onto our

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Speaker 2: energy accounts throughout the year, and the state one is

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Speaker 2: four hundred dollars, So that will be spread across two

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Speaker 2: credits which we can expect to receive against our bills

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Speaker 2: in the period from twentieth of July to the seventh

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Speaker 2: of December.

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Speaker 1: We're told, so just a smaller bill. We can't spend

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Speaker 1: the money on anything else.

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Speaker 2: Yes, exactly. It's you know, hopefully we'll we'll feel it,

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Speaker 2: you know, we'll feel it in just maybe that little

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Speaker 2: bit less pressure, but you know, they're hoping it's not

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Speaker 2: going to feel the inflation issues any further.

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Speaker 1: As is usually the case of the beginning of a

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Speaker 1: new financial year, there's usually some new rules that come through.

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Speaker 1: Are there any that we really need to know about

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Speaker 1: this financial year?

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Speaker 2: In terms of the new rules that there weren't, you know,

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Speaker 2: a whole lot of the Stage three tax cuts that

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Speaker 2: we've already talked about, they got a lot of coverage,

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Speaker 2: and in fact, we've actually been talking about them since

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Speaker 2: twenty eighteen, so it feels a bit strange that they're

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Speaker 2: finally here. There's also some warnings that the Tax Office

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Speaker 2: has put out that they're, you know, people will be

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Speaker 2: doing their tax returns coming up in these next few months,

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Speaker 2: and as always, they sort of give a pre warning

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Speaker 2: to people, not necessarily about change of rules this time,

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Speaker 2: but just about areas where they have seen the common mistakes,

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Speaker 2: so that people are a bit more conscious when they're

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Speaker 2: actually lodging their tax return, and.

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Speaker 1: They usually say that they're targeting certain occupations too. Have

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Speaker 1: they released who they might be putting the magnifying glass over.

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Speaker 2: I haven't seen anything specific to occupations, but they have

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Speaker 2: specifically mentioned landlords. So they have noted that nine out

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Speaker 2: of ten landlords when they're submitting their tax returns make errors,

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Speaker 2: so they either inflate costs or you know, subdue income

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Speaker 2: in relation to their rental property. So this is an

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Speaker 2: area that they have specifically talked about in these last

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Speaker 2: couple of months. So just a bit more of a

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Speaker 2: warning for people who have rental properties to be extra

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Speaker 2: vigilant when compiling that information for your tax return, because

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Speaker 2: it has been noted that they'll be extra scrutiny this year.

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Speaker 1: But it really is just best for all of us

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Speaker 1: to be on our best behavianna just in case, just

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Speaker 1: in case.

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Speaker 2: Yeah, it is it's you know, it might be tempting,

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Speaker 2: but it's you know, it's not worth it. When you

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Speaker 2: bring that upon yourself.

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Speaker 1: I'll get you eventually. They'll get you eventually. Now also

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Speaker 1: text time, A lot of people get confused by this

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Speaker 1: because some people do it themselves, some people get a

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Speaker 1: tax agent. When is the cutoff to get it done?

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Speaker 1: And are there still finds if we submit it light.

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Speaker 1: What's the deal there.

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Speaker 2: Yeah, So for somebody who doesn't have a tax agents engaged,

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Speaker 2: then the standard deadline is the thirty first of October,

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Speaker 2: so that's a few months after the year end, and

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Speaker 2: you know employers at this point in time, employers are

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Speaker 2: getting their end of year tax statements finalized so that

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Speaker 2: everything will be tax ready in the coming weeks, you know,

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Speaker 2: so that you'll be able to start getting your tax

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Speaker 2: returned on. If you do have an agent engaged, there's

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Speaker 2: usually an extension of that deadline, and that depends on

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Speaker 2: what your tax position has been in the prior years.

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Speaker 2: So depending on your earnings and your tax liability in

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Speaker 2: prior years, you may have a tax liability or a

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Speaker 2: tax deadline of the end of March or mid May

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Speaker 2: usually when you have a tax agent. So it obviously

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Speaker 2: gives you more time and the key to it if

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Speaker 2: you're thinking of doing your own tax return, but then

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Speaker 2: you run out of time and it's late October and

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Speaker 2: you're thinking, I'll engage in agents quickly. Make sure you've

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Speaker 2: done that before thirty one October. If you don't have

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Speaker 2: it done by thirty one October, you don't get that extension.

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Speaker 2: And for having the agent engaged.

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Speaker 1: Good advice, thank you, because some people do try to

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Speaker 1: take it on themselves and not go to a tech

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Speaker 1: sigeent All good advice. I guess the best thing is

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Speaker 1: just when it comes through from the employer is get

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Speaker 1: onto it as quickly as you can. Then there's better

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Speaker 1: chance that the money will be back in your account

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Speaker 1: before too long, exactly.

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Speaker 2: Yes, and just make sure that everything is tax ready.

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Speaker 2: So sometimes people get really keen at this time of

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Speaker 2: the year and they may be lodge a tax return

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Speaker 2: a bit too early before all of the information has

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Speaker 2: kind of been given into the MIGOV system by the

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Speaker 2: various you know, your banks with your interest on anything

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Speaker 2: things and that kind of thing.

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Speaker 1: That's a problem.

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Speaker 2: The other wise too early, I would say, maybe wait

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Speaker 2: another couple of weeks because there's you know, there's still

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Speaker 2: that information flowing through another area that the ATO has

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Speaker 2: noted that they will be you know, coming down on

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Speaker 2: people who have lodged in complete tax returns where they've

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Speaker 2: actually missed out on income components and you know, usually

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Speaker 2: they do a catch up on that and then there

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Speaker 2: could be interest you know on any late payment then

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Speaker 2: in the future. So it does not worth it.

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Speaker 1: Nope, don't jump the gun hither. Thank you very much

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Speaker 1: for those tips to get us through text time. We

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Speaker 1: wish you a happy new financial year and happy number crunching.

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Speaker 2: Thank you.

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Speaker 1: Okay,