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Tips for tax time

Whether you’re giving money to the Australian Tax Office (ATO) or the ATO is giving money back to you, it’s that time of year now when you’ve got to get your paperwork in or to lodge your tax return online with myTax.

The tax year runs from July 1 to June 30 and you’ve generally got until October 31 to submit your tax return.

People who need an extension generally only need to ring the ATO and have a reasonable excuse to get one.

You can also call the ATO to find out if something is a tax deduction or to find out if you have to pay tax on a particular income source.

The ATO website has lots of calculators to help you, I used the free depreciation calculator on the ATO website yesterday for my tax and it was pretty easy.

Hiring an accountant can be a great idea and they might help you get tax back.

ATO phone number for individuals: 13 28 65

ATO website: www.ato.gov.au

You can look for a Certified Practising Accountant at www.cpaaustralia.com.au

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Gill Robson also writes at www.gillspracticalbookkeeping.com

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