Category: Taxation

Categories
Business Income tax Taxation

Reduce your tax bill before 30 June 2020

Tax planning 2020

The end of the 2020 Financial Year is upon us!

Can you reduce tax payable for the 2020 financial year?

With just 20 days to go, there may be a few last minute actions you can take to assist with tax minimisation.

Please get in touch with us to discuss your tax planning, if you haven’t already done so.

Time is ticking, so call Brad or Rick on (02) 8814 5677

Categories
Accounting Taxation

Linking the ATO to your myGov – Quick Info

Here at Hockley Giblin & Co, we don’t recommend that you link your myGov account to the Australian Taxation Office (ATO)

Here’s why:

Linking the ATO to your myGov account could result in the following consequences:

  • It will be entirely up to you to keep up to date with ATO correspondence
  • You will become solely responsible for notifying us (your accountant) if you have any ATO concerns
  • You must check your myGov account regularly for any ATO communication
  • If you forget to check your account and miss an overdue debt penalty, they will hold you 100% accountable – and in some cases, even threaten legal action.

We’ve already seen a few cases of some clients experiencing this problem; receiving accelerated ATO fines and pending legal action due to not checking their myGov account properly.

If you’re still not sure what you need to do, give us a call on (02) 8814 5677.

 

OUR RECOMMENDATIONS

1. If you don’t have a myGov account:

Great! You don’t need one (at this stage, anyway).

 

2. If you do already have a myGov account or are planning to set one up:

DO NOT LINK THE “ATO” AS A SERVICE

 

3. If you have a myGov account and still want to link the ATO as a Service

  • You must check your account “Inbox” very regularly to action any urgent correspondence
  • It may also be worth changing your myGov account settings so that any “Inbox Notifications” are sent to your mobile as a text – not to your email. 
  • The Downside: We may not be able to advise or fix ATO related concerns, unpaid fines or penalties that come through to your myGov account.

The solution is simple – Leave the ATO to us.

This way, we can continue to receive, control and take care of your ATO correspondence; notifying you immediately for anything urgent.

We make sure that everything related to your Tax compliance is taken care of and simple.  We want to make Tax as stress-free as possible – without our clients having to worry about concerns like this.