What are the tax changes in 2019?
The new tax laws for 2019 have come into effect and you don’t want to miss out. What are they and how do they affect you as an individual and a business owner? The public response to the tax changes has been overwhelming. There has been a flood of calls to the ATO and the MyGov website recently crashed due to the amount of people trying to lodge their returns in order to get their tax refund. In the hurry and haste to get money back, it is easy for people to miss everything that they could claim and could receive.
Making sure you’re not missing out
Trying to do your tax yourself may seem like a good idea and a money saver, but is it the best use of your time and do you have the knowledge and skill-set needed? Enlisting the help of a qualified tax accountant could be the best investment of your time. With the changes to the tax system in 2019, the task is more complicated than ever. Finding a qualified accountant and tax expert to help you make the most of your tax matters is more important than ever.
Getting more than a basic refund
Before you go headlong into the race for your refund, take a moment to ask yourself these simple questions.
- Do you need your refund urgently?
- Do you know how much tax you have paid?
- Can you find all the tax deductions?
Let’s look at the answers to these questions one by one.
Do you need your refund urgently?
If yes, then why? Are you cash-strapped at the moment and are banking on getting that money into your account ASAP? Are you looking to pay off a debt quickly or have you used the basic refund amount already? First off, you may need financial advice if you are already spending money that you do not have. For example, it’s very easy to have a credit card debt or be overwhelmed with running your business to stay on top of the financials. Getting expert advice on your refund will pay off in more ways than one.
Do you know how much tax you have paid?
Having all your financials sorted out is one thing. Knowing all the ins and outs of tax is another. Unless you have been trained or qualified as an accountant, you could be missing out on a number of tax reductions. If you rush into lodging your tax return, don’t be surprised if you only get the bare minimum of what you are entitled to.
Can you find all the tax deductions?
The complexity of tax deductions is not something to tackle by yourself. Simply lodging the same tax return as previous years is not best practice either. It would be easy to use an online tax site, log your details then lodge your return, but your tax is too important to leave at the most basic level. Even a PAYE employee could have deductions that they would overlook if they are lodging their own return.
The Tax Cut above the rest
Knowing how much the 2019 tax cuts mean to your tax refund is not as simple as it seems. There is a thought that you don’t have to do anything because you will get the tax cut automatically. It’s important that you know what you can claim to add to that refund. If you think of it as lost income, it will make a stronger impression on you. That’s why getting every dollar you can claim back makes sense.
The Ruth Watson & Associates difference
The team at Ruth Watson & Associates will make a difference to your individual or business tax standing. Don’t waste your valuable time and money with accountants who only do the very basics. Having true tax experts on your side means more deductions and a bigger refund. The only rush you need to make is to contact them now and see the improvement to your financial well-being.
Making the most of the 2019 tax cuts and setting yourself up for the future can start today with help from the experts at Ruth Watson & Associates.