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Media Release 06 August 2007Be smart lodging online tax returns
ANY number of the 1.8 million Australians expected to lodge their own tax returns online this year will wind up paying the taxman more than they need to.
Tax professionals say the rise of the do-it-yourself online tax return - through the Australian Taxation Office's eTax software - has seen many taxpayers unwittingly miss out on valuable tax offsets and deductions to which they're entitled.
Etax Accountants CEO Don Griffin says his firm amends 80 per cent of the returns it sees, with the majority of clients setting themselves up to pay too much tax.
The Brisbane-based firm is Australia's leading online tax agent, with a website that suggests "431 ways to save on tax".
Griffin says: "If you go to the tax office site, you're told what happens if you don't pay correct tax - you get fined - and all the things about what tax you've got to pay and why you've got to pay it. Well, there's nothing on the tax site about how to pay less tax."
Etax clients fill out forms online and receive ongoing advice before their final return is lodged with the ATO.
One client, Aimee Carlton, of Carseldine, hadn't been aware she was able to claim up to $300 in deductions for workrelated expenses without having to show receipts.
"They get back to you if there are any errors or things you've missed out, and give suggestions of things you can claim that you didn't know about," she says. Australia's largest traditional tax agent, H & R Block, also sees its fair share of online tax cock-ups, says regional director Frank Brass.
"We certainly see a munber of clients come in once they've done eTax online and haven't been happy with the result, or thought they've missed out on something and we've viewed it for them," Brass says. "It could be they've missed a deduction or they've keyed something in incorrectly."
"They expected more when they did it themselves and thought, 'Is this right? Maybe I've got to see someone who knows what they're doing'."
The good news is taxpayers have two years to lodge an amendment to a return they're unhappy with.
Griffin argues that the ATO's "vested interest" in collecting tax means it shouldn't be "in the space of doing online tax returns" and should leave that role to tax agents, as in "most other countries".
"If you want to get out of a speeding fine, you don't talk to a policeman about it," he say,
"It's like having a lawyer involved in purchasing a house - it's always good to have professional give a view on matters and professionals know they've got to justify their fee."
"We sit with the taxpayer - we're on the taxpayer's side and we're helping them.
"And on the other side of the fence, we make sure the taxpayer's affairs are in order and correct according to the law."
However, Brass thinks the rise of the DIY return I through eTax is a good thing.
"What the Government wants to do is make it so you can go to a professional and pay for it, or you can do it yourself - and they'll make sure you're able to do it yourself," he says.
However, he warns taxpayers lodging their returns next financial year not to rely on eTax's new "pre-population" feature, which will draw income details from ATO and Centrelink records.
Those records may not be complete until late August 2008, meaning those who lodge early could be getting it wrong.
Brass points out that while eTax returns are a growing segment of the DIY market, tax agent numbers are holding steady.
Those who visit a tax agent also benefit from a range of broader financial advice around budgets, projected living costs and savings plans.
Griffin says: "Traditionally people have gone to tax agents and got the extra advice free, it's been built into the cost of the tax return."
Matters like rebates for single parents, tax-effective structures for SMEs, accounting for different income streams and capital gains tax are far from simple. But it's not necessarily the complexity of people's tax affairs that takes them to a professional, says Griffin.
"I did a survey asking users why they came to us and not the ATO and complexity as a reason rated quite lowly, surprisingly," he says. "What rated highly was the fact that they do want someone to review their return; they do want a second opinion. They feel more comfort able about that."
Josh Robertson, Courier Mail, 6 August 2007, Page 35 Media Release 10 July 200780% of tax returns need adjustment before lodging
Australian taxpayers need to be careful when submitting their returns to ensure they comply with ATO guidelines and maximise their refunds according to leading Australian online tax service, Etax Accountants.
Scott Griffin of Etax Accountants, said that eight out of every ten returns they handled in 2006 needed adjustments made to it before being lodged with the ATO.
"People don't always know what they can and can't claim when it comes to tax deductions, and that can cause unforseen financial dramas when it comes to be assessed by the tax office," he said.
"With many of the returns we receive, we can usually also identify additional deductions our customers didn't even realise were available to them. Either way, not having your tax return checked over before you lodge it can work out to be an expensive exercise."
Griffin recommends having your 2006-7 return reviewed by a qualified accountant before lodging it with the tax office to check for ATO compliance and to identify any additional tax deductions you may be eligible for.
"We created the Etax website to provide an easy way for people to complete their tax returns and have it checked over by an accountant without having to pay an arm and a leg for the privilege," he said.
"It's free to register to use the site which gives you access to our online Knowledge Bank, with hundreds of free tips and tricks for reducing your tax bill, as well as a free pre-lodgement tax calculator, which is a good way of finding out what to expect from your return, before actually submitting it," Griffin said.
"Ultimately, our aim is to try and make sure our users receive the best possible tax refund they can with the least amount of fuss," Griffin said.
A Basic Tax Return service from Etax costs only $49 plus GST, and users can choose to have the fee deducted from their return, instead of having to pay upfront.
Unlike the ATO website, which requires users to downloads and install large program files on their computer, the Etax website also allows users to complete their return entirely online in just five steps.
The newly launched 2007 Etax website is now open for registration for the 2006-2007 financial year at http://www.etax.com.au.
Etax Accountants Pty Ltd is a subsidiary of Griffin Jones Certified Practising Accountants, who have lodged more than 130,000 tax returns and $32 million worth of refunds over the past 25 years. Etax Accountants has been offering online tax services since 1998 and is Australia's leading online tax advice provider.
For Media Enquiries Marketing Angels: Rebecca Eather, PR Consultant P 07 3257 1019 M 0419 683 212 E rebeccae@marketingangels.com.au Online tax lodgement in less than 20 minutes
If you're too busy to slog your way through this year's Tax Pack, or too embarrassed to lug a heavy pile of coffee-stained receipts down to your local accounting firm, why not check out the new 2007 Etax website (http://www.etax.com.au) and get it over and done with in just 20 minutes.
Etax's easy 24/7 website makes completing your 2007 tax return a breeze, with the added assurance of knowing your return will be reviewed by a qualified accountant- unlike the ATO's online lodgement service.
According to Scott Griffin from Etax Accountants, "Eighty percent of all the returns we handle have changes made to it after we've looked it over.
"By having one of our qualified accountants review each return, we can check for ATO compliance and also identify any additional tax deductions our customers might be eligible for," he said.
"Our goal is to try and make sure our users receive the best possible tax refund they can with the least amount of fuss."
Etax is Australia's largest and longest running online tax lodgement website, predating even the ATO's online program, and offers registered users the ability to access the Etax online Knowledge Bank, with hundreds of tips and tricks for reducing your tax bill, as well as free unlimited tax advice and a free pre-lodgement tax calculation service.
Unlike the ATO website, which requires users to downloads and install large program files on their computer, the Etax website allows users to complete their return entirely online in just five simple steps.
A Basic Tax Return service with Etax costs only $49 plus GST, and users can choose to have the fee deducted from their return, instead of having to pay upfront.
The newly launched 2007 Etax website is now open. Users can register for the 2006-2007 financial year online at http://www.etax.com.au.
Etax Accountants Pty Ltd is a subsidiary of Griffin Jones Certified Practising Accountants, who have lodged more than 130,000 tax returns and $32 million worth of refunds over the past 25 years. Etax Accountants has been offering online tax services since 1998 and is Australia's leading online tax advice provider.
For Media Enquiries Marketing Angels: Rebecca Eather, PR Consultant P 07 3257 1019 M 0419 683 212 E rebeccae@marketingangels.com.au Media Release 15 June 2007Don't pay too much tax this year
Most of us don't like the idea of the 'taxman' getting more of our hard-earned money than he should, so this year make sure you claim everything that you're entitled to.
Etax Accountants help individuals maximise their tax refunds. They are Australia's leading online tax return preparation and lodgement experts offering a quick and easy alternative to slogging through the tax pack or visiting an accountant.
Users can prepare and lodge tax returns online in five easy steps via their secure website (http://www.etax.com.au). This can be done any time of the day or night in the comfort of your own home and – unlike the ATO online lodgement service - all E-tax returns are reviewed by a qualified accountant.
According to Scott Griffin from Etax Accountants, "By having one of our qualified accountants review each return, we can check your return for ATO compliance and also identify any additional tax deductions you may be eligible for. Eight of every ten returns we handle has changes made to it after we've looked it over. Our goal is to try and make sure our users receive the best possible tax refund they can."
"We're proud to say that over $32 million worth of returns have been issued to our Etax clients in the past 3 years."
"The Etax service is completely web-based, allowing users to complete their return entirely online, unlike the ATO service which requires users to download and install large program files before lodging their return," Mr Griffin said.
Etax online services includes free tax advice from qualified accountants, a free pre-lodgement tax calculation service and electronic lodgement to the ATO. This means that tax refunds are generally available within 14 days of lodgement (depending on ATO processing time) with the security of been fully checked by a qualified accountant.
The fully-updated 2007 Etax website is now open for registration. Users can register for the 2006-2007 financial year online at http://www.etax.com.au.
Etax Accountants Pty Ltd is a subsidiary of Griffin Jones Certified Practising Accountants, who have lodged more than 130,000 tax returns over the past 25 years. Etax Accountants has been offering online tax services since 1998 and is Australia's leading online tax advice provider.
For Media Enquiries Marketing Angels: Rebecca Eather, PR Consultant P 07 3257 1019 M 0419 683 212 E rebeccae@marketingangels.com.au |
We supply a total on-line lodgement service - no forms, no downloading, no hurried and unproductive meetings, no delays and, best of all, no fuss for your tax needs this year. You can complete your tax return in one session or spread your session over many weeks as convenient. We've reduced the massive Tax Pack, Supplementary section and Business schedules to one screen and three easy steps. Our service is quite different from the Australian Tax Office's E-Tax Tax Pack On-line service which requires the downloading of 4000 kilobytes of software. Our service is completely browser-based and requires no external downloading. A basic tax return can be completed in less than 15 minutes. Many professionals use Etax to answer tax questions before visiting their Accountant to save professional time and be better informed about tax issues. Thank you for using Etax and we hope you enjoy the experience year after year. |