There’s no point burying your head in the sand with the end of the financial year fast approaching.
Many find tax boring, but this year millions of Aussies are expected to get a bumper return as tax cuts introduced last year can finally be cashed in.
Recent research found that 32 per cent of Aussies believe the Australian Taxation Office will be scrutinising their tax return more closely this year and cracking down on tax refunds, according to H&R Block.
So it’s worth investing time into getting your tax return right, said senior tax advocate Susan Franks from Chartered Accountants Australia and New Zealand.
“Getting ready for the end of the financial year is one of the things that gets harder and worse, the longer you leave it,” she said.
“It is also one of the things with a near immediate benefit. There are actions that you can do this month, that will benefit you next month. A bit of honest and immediate effort will go a long way.”