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TAX Time.

Discussion in 'Accounting, Tax & Legal' started by Johny_come_lately, 6th Jun, 2010.

  1. Johny_come_lately

    Johny_come_lately Well-Known Member

    Joined:
    1st Jul, 2009
    Posts:
    703
    Location:
    SE Queensland
    Its getting to be That time of year again. Cold winter days and a large collection of pieces of paper.

    I heard; this year is different. The Govt. works out your taxation level. You agree with their calculations and accept their refunds or submit your own paperwork.

    Questions: Is this system only for income tax? How does the Govt know your financial details? Will I still need to visit my accountant? Is the new system faster(for refunds)? :confused:




    Thanks,
    Johny.
     
  2. PJCA

    PJCA Member

    Joined:
    30th Oct, 2009
    Posts:
    18
    Location:
    Adelaide
    Believe you are referring to accepting a 'one size' income tax deduction when lodging your income tax return - applies from 1 July 2012, so it will be 30 June 2013 when this takes effect