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News, Tips & Info from the Professionals

Who hits harder than a professional?

ITP are specialists in tax returns for individuals, with over 40 years’ experience in helping Queenslanders get the most back in their return each year. Whether you’re after a simple salary and wage tax return, or need expert tax advice – we’re here to help.

How to avoid being audited by the ATO

Being audited by the ATO is not on anyone’s wish list. It can be time-consuming, stressful and the worst case scenario could end up costing you money in extra tax, penalties or interest. If you’ve made mistakes in your return, failed to disclose information or misrepresented your financial situation, you could become a target for a review or audit.

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Federal budget 2020: Important tax changes

On Tuesday night the government announced the budget for 2020-21. There’s a number of changes, but we’ve broken down the all-important tax changes, and there is some good news in there for you.

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8 Smart ways to spend your tax return

If you’ve received this year’s tax refund, did you spend it wisely? Have you saved it or did you go out and treat yourself? It can be very tempting when getting your highly anticipated refund, to go straight out and splurge on something fun. But, for the longer-term planners and those who want bigger gains, there are other more useful and effective ways of leveraging your annual cash injection.

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What is a Tax File Number (TFN)?

Let’s get the technical stuff out of the way. A Tax File Number (TFN) is a number that identifies you in the Australian tax and superannuation systems. It’s a unique, 9-digit number you likely received from the Australian Taxation Office (ATO) when you got your first job.

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Tax 101: How to keep your receipts organised

How many times have you said no to a receipt, and then realised later you actually needed one? Poor or inconsistent record keeping is common when it comes to tax preparation, but can be avoided by creating a few good habits.

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5 Common tax return mistakes

Tax season is well underway, with this year bringing record numbers of early tax return submissions as a result of Coronavirus. But getting in quick can pose problems, particularly if you’re in a rush and you’re doing your tax by yourself.

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When is my tax return due?

30 June is a date most of us associate with the end of the financial year and the beginning of tax return season. But what’s less clear, are the deadlines for completing your tax return. This date can be different depending on whether you’re a business or an individual, as well as a range of other determining factors.

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5 Benefits of using a tax professional

Well, it’s that time of year again. The time to round up your receipts and get ready to lodge your personal tax return. But let’s face it - unless you’re a tax professional, doing your taxes isn’t likely to be top of your list for the most relaxing or fun things to do. It can be confusing, time-consuming and stressful, which is why so many people turn to a professional for help.

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Do I need to lodge a tax return?

Australian tax collections are used to provide critical services and infrastructure, including our health system, education, roads and railways, defence and more.

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