Individual Tax Return

Great question. Thankfully, we’ve put together a handy checklist of things to bring along with you: Tax Return Checklist

If this is your first time experiencing the amazing accounting services of G2, we ask that you bring along (or provide in advance, for a quicker service) your Tax File Number and current bank account details. We typically get detailed of your salary & wages directly from the ATO (Payment Summaries are mostly a thing of the past, so don’t worry about those), as well as your private health insurance details.

If you do end up forgetting anything, don’t fret. Worst case, you can always email in any missing documents and we can finalise the return over email.

We’ve tried to make the booking process as simple as possible. Here are the best ways to book in:

1. Click Here to book in online.
2. Call us on (03) 9855 0236

Most individual tax returns take around about 30 minutes, which is the timeframe we typically cater for in our booking system. But don’t stress if we end up needing longer. We would usually be able to give you a very close estimate of your tax refund or amount payable by that stage, and the return finished off on the day of your interview. In more complex cases or where we need more information, particularly for some capital gains events, we might need longer.

After we’ve lodged your return, the ATO’s ‘benchmark’ timeframe for processing tax returns is 28 days – but they usually process it in around one or two weeks.

We get it – just like most students hand in assignments at the very last minute, plenty of people want to put off their tax return until it’s REALLY due.

31 October each year is the official due date for most tax returns. If you’re officially ‘on the books’ of an accountant by that time, the ATO typically extend the due date to as late as mid-May the following year. A small number of people have different due dates based on their circumstances.

Agh, tax! Am I right?

Tax isn’t everyone’s cup of tea, and before you know it, one late tax return rolls into two late tax returns. And then 10. G2 is a judgement-free area and we certainly understand how easy it is for things to snowball and get out of control.

We typically find there are two obstacles to finally getting on top of your taxes:

1. You don’t have the information you need. Spoiler alert: you don’t need to. The ATO provide us with much of the information we need and, if we do need more information, we can usually help you narrow the scope quite a bit.

2. Fear of a big tax bill. We totally get that. In many cases, the damage really isn’t all that bad; and in plenty of cases the end result is a refund! But sure, sometimes it’s a really scary figure at the end of the process, and it’s those cases where choosing a great accountant beats a good one.

The ATO have the power to waive any fines or interest that might apply. They can even waive tax debts entirely. Not without good cause, but they can – and with a former-ATO executive on the team, we have plenty of experience negotiating for the best outcome. But in every case, the sooner you get in touch, the better.