Business & Finance Tax Return Question...

[radiojake]

So only last night I did my Tax return online, took me a little longer than usual as for the first time I wasn't purely on wages/PAYG income this year, with my guitar teaching I had to get an ABN and send out invoices for the first time..



However - Just today, I got an email from this mob that I worked for only a couple of times with a group certificate for what must have been only one shift that I did. My last shift I did must've been really early July or some shit. I completely forgot about it last night / didn't have a group certificate so didn't report it...

It seems pretty lazy to be sending group certificates out on the 11th July - is this something that'll need to amend my Tax return that I lodged last night?

It was only $220 gross with $46 Tax witheld - Would it matter at all if I just neglect to amend what I lodged last night or is it better for me if I do it? How would I even amend something after I have lodged it?

 

[Scotland]

It seems pretty lazy to be sending group certificates out on the 11th July - is this something that'll need to amend my Tax return that I lodged last night?

A whole 11 days after the end of the FY? How dare they!

Technically you should have declared it, but I doubt the ATO will call you up on it since they already have the taxwitheld.

 

[The Passenger]

i would just leave it.

very unlikely anything is going to be done about it from the ATO's end. Not worth the hassle of the 46 dollars.

 

[JuddsABlue]

this is how they got capone

 

[Vic Vinegar]

Depends on whether you are the honest type or not.

 

[blueboy25]

Glenn Wheatley, Paul Hogan and now radiojake.

Project wikenby is now after you my friend

 

[Brad Goodman]

Yours is probably the first tax return they've received - I imagine most people don't around to lodging until August/September.

 

[Vic Vinegar]

Yours is probably the first tax return they've received - I imagine most people don't around to lodging until August/September.

Some people know they are up for a big tax refund, so many will do it as soon as possible.

 

[iluvparis]

By the letter of the law you should lodge an amendment.

 

[checkraiseulite]

 

[Bunk Moreland]

Lol $45

Forget it

 

[Bunk Moreland]

A whole 11 days after the end of the FY? How dare they!

Technically you should have declared it, but I doubt the ATO will call you up on it since they already have the taxwitheld.

To be fair most businesses have them out on the first or second these days. A lot of people rely on the money so lodge very quickly.

There's no reason they can't prepare and have it ready

 

[radiojake]

haha -- that's pretty good

however I'm a contractor so I work for a company who puts instrument tutors into schools... but they don't employ me as such (cheaper for them? I guess?) and I invoice them each fortnight - it's not as if I am doing private lessons and charging the kids' parents directly

 

[kanye_best]

I have sent this thread to the ATO

 

[Matty_G]

The ATO will either amend your return for you or request you to do it. Won't be straight away as the data matching will take a while.

 

[jefffff34]

I've done mine. Looking at a $3300+ refund.

 

[Good Bloke]

Tax return..........what's a tax return

 

[I bleed Blue]

I've done mine. Looking at a $3300+ refund.

Quality.

My investment property became positively geared about 12 months ago. So instead of getting tax benefits from it I am going to have to pay tax on the money I made from the rental income.

The first time since I have started paying tax I am looking at having to pay more tax come tax return time. Really sucks.

 

[MarcusP2]

Quality.

My investment property became positively geared about 12 months ago. So instead of getting tax benefits from it I am going to have to pay tax on the money I made from the rental income.

The first time since I have started paying tax I am looking at having to pay more tax come tax return time. Really sucks.

Well that means the tax office isn't keeping more money of yours you could be using constructively, so there's that. And you're actually making money instead of minimising losses.

 

[I bleed Blue]

Well that means the tax office isn't keeping more money of yours you could be using constructively, so there's that. And you're actually making money instead of minimising losses.

Yeah I know I'm in a pretty good position with it.

It's just nice to see a nice little figure come back to you at tax time.

I'll see how it all goes when I see my account. Fingers crossed there is something I've forgotten and I don't have to pay anything.

Got a couple of good quarterly bonus's, which obviously get taxed at a higher tax rate, so hopefully they save me.