Tax returns boost for local economy
ACCOUNTANTS estimate the Far North will get a $100 million windfall if taxpayers lodge their returns on time and spend it within the
region.
Certified Public Accountants Australia FNQ regional chairman Scott Andrews said it was more important this year for people to lodge their tax returns early to help stimulate the struggling economy.
He said the average value of tax returns Far North Queenslanders would receive from the Australian Tax Office in the 2009-2010 financial year would be about $1500.
"Whether this means renovating your home, eating out at local restaurants or taking the family holiday in another part of Far North Queensland this year, every tax return dollar spent locally is critical to the region’s economy," Mr Andrews said.
"The sooner people lodge their return and begin to spend on local goods and services, the better the chance our region will prosper and economic recovery will continue," he said.
Mr Andrews said working Australians were due to receive their payment summaries for the 2009-2010 financial year from employers from July 14 and needed to lodge their returns before October 31 to avoid late penalties from the ATO.
Mr Andrews said there were many choices of professional help available for lodging tax returns.
"In most cases accountants or tax agents can deduct their fees directly from your tax return," he said.
"You won’t really feel any financial burden from having the peace of mind that your tax return has been lodged correctly.
"You are getting the greatest return possible and doing your bit to help the regional economy."
Tax Commissioner Michael D’Ascenzo said Australia’s 12.6 million taxpayers had to lodge their tax returns by October 31 deadline.
"The ATO has a range of information and assistance available to help people lodge their returns correctly and on time," he said.
"The quickest and easiest way to lodge is online using e-tax, the ATO’s free tax preparation and lodgement service.
"E-tax is available to download free of charge from our website at www.ato.gov.au.
"If you are using a tax agent for the first time or using a different one from last year you need to contact them by October 31."
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Windfall: The quicker you get your tax return in the sooner you will receive you refund to spend in the Far North.
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