The clock is ticking for Australian businesses and individuals who haven’t yet lodged their tax returns for the 2022-23 financial year (FY). The deadline for all entities is approaching fast – 15 May 2024 – making it time to get your financial affairs organized.

At RV Advisory Group, we understand that tax time can be stressful, especially if you’re facing a deadline. Our goal is to simplify the process for you, ensuring you understand your obligations and maximize your deductions. Whether you need assistance with individual tax returns, business returns, or BAS lodgements, we’re here to help you navigate the complexities of tax law and avoid any late penalties.

Who Needs to Lodge by 15 May 2024?

If you haven’t lodged a tax return in the past for the 2022-23 FY, the upcoming deadline applies to the following:

  • Individuals: This includes those with income from employment, investments, businesses, or other sources.
  • Businesses: Sole traders, partnerships, companies, and trusts that have an Australian Business Number (ABN) are all required to lodge an income tax return.
  • Self-Managed Super Funds (SMSFs): It’s essential for SMSFs to lodge their annual returns on time to maintain their compliance status.

What Happens if I Miss the Deadline?

The Australian Taxation Office (ATO) can impose penalties for late lodgements. These penalties can accumulate over time, adding significantly to your tax burden. To avoid unnecessary stress and financial penalties, it’s wise to prioritize your tax obligations and aim to lodge on or before the deadline.

Getting Started with Your Tax Return

Here’s a breakdown of what you’ll need to get your tax return in order:

  1. Gather Your Income Information: This includes payslips, bank statements, receipts for business expenses, investment income statements, and other relevant documentation.
  2. Determine Your Deductions: Identify work-related expenses, charitable donations, and other eligible deductions that can lower your taxable income.
  3. Choose Your Lodgement Method: You can lodge your return:
    • Independently using ATO’s myTax online system.
    • Through a registered tax agent like RV Advisory Group.
Why Choose a Registered Tax Agent?

Engaging a registered tax agent can offer significant benefits:

  • Maximize Deductions: Tax agents are experts in identifying eligible deductions that you might miss, potentially saving you money.
  • Ensure Accuracy: They minimize the risk of errors or omissions that could trigger an ATO audit.
  • Save Time: They handle the paperwork and lodgement process, freeing up your valuable time to focus on your business or personal matters.
  • Peace of Mind: You gain peace of mind knowing your tax affairs are managed professionally, reducing your stress and minimizing your risk.
How RV Advisory Group Can Assist

As a team of experienced Chartered Accountants and Registered Tax Agents, we offer tailored tax services for individuals, businesses, and SMSFs. Our comprehensive approach ensures you are aware of all your potential deductions while maintaining strict compliance with Australian tax laws.

Here’s how we can support you:

  • Individual Tax Returns: We handle returns of any complexity, whether you’re an employee, an investor, or a sole trader.
  • Business Tax Returns: We offer streamlined tax solutions for all business structures, from sole traders to large companies.
  • BAS/GST Preparation: Leave your BAS and GST lodgements to us, ensuring accurate reporting and on-time submissions.
  • Tax Advisory Services: Receive proactive tax planning guidance to optimize your financial position and minimize tax liabilities.

Contact Us Today

Don’t let tax deadlines create unnecessary stress. Contact RV Advisory Group today and let us take the burden off your shoulders. We’ll work diligently to ensure your tax returns are accurate, compliant, and lodged on time, all while maximizing your potential deductions.

Let us be your trusted tax advisors. Schedule a consultation and experience the difference.