A Simplified Tax System?

ATO logoOn 4th May 2014 the Hon Joe Hockey, Treasurer, announced a move towards “Simpler Tax Returns”.

What this means is “From 1 July, the Australian Taxation Office will provide an online and substantially pre-prepared tax return for people without complex tax affairs.”

Now if you fall into the category of “people without complex tax affairs” this might seem to be an attractive bit of news. But in our experience, when we sit down with our clients, their tax affairs are typically more complex than they even realise which is why we wanted to let you know about this announcement.

In the lead up to 1 July you may receive an SMS or an email from the Australian Taxation Office advising that “MyTax” might be right for you.

If you have any concerns or questions we’d be happy to advise you on the benefits of having us as your ongoing qualified tax agent working to minimise the amount of tax you pay rather than making it simpler to pay it.

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