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Are you lodging your tax return for the first time? If yes, then you must know why and how you can prepare and file your tax return for the first time. You can file your tax return on your own if you know the criteria to lodge, otherwise, it would be beneficial to seek help from a professional tax return accountant. In today’s blog, we’ll discuss how a tax accountant can help you lodge your tax return. Let’s get started:

Why Do You Need to Lodge Tax Return?

The ATO needs to know how much you earned during the financial year and what deductions you are eligible to claim. This information indicates whether you need to pay extra tax bills or you need to get a tax refund. If you are not aware of the lodgment process of tax returns, then you can ask an accountant in Melbourne. Registered tax accountants can help you prepare and lodge your tax return on your behalf. If you are lodging a tax return on your own, then you can use myTax, otherwise, you need to seek help from a professional and experienced tax accountant.

Can I Choose a Tax Accountant Near Me to Lodge My Tax Return?

Individuals who don’t know how to prepare and lodge tax returns can choose a registered tax accountant. A tax accountant is a qualified professional who can help you prepare and file your tax return. If you want someone near your area, then you should search for the term ‘tax accountant near me’. Make sure that the tax accountant must be registered with the Tax Practitioners Board (TPB). Receiving help from a registered tax accountant will offer consumer protection as the TPB ensures they:
• maintain and meet the required qualifications or standards and experience
• comply with the Code of Professional Conduct.

When receiving help from a tax accountant, you should know what services they offer you so you know what you should expect.

Registered Tax Accountant Due Dates for Tax Returns

Most registered tax accountant have a special lodgment program and can file tax returns for their clients after the 31 October deadline. The due date for your tax return will be based on your circumstances as well as when you seek help from your tax accountant. You should contact your tax accountant for advice about your circumstances. If you are seeking help from a tax accountant for the first time, it is advisable to contact them prior to 31 October. If you haven’t filed a tax return for a prior income year, it is important to lodge it on time. Getting your lodgment up to date may help you avoid interest accruing on any tax debts and late lodgment fines. You can reach out to a professional tax accountant as they will prepare and file prior year tax returns for you.

Common Information to Include to Lodge Tax Return
You will need your:
• tax file number (TFN)
• bank account details
• income to prove any money you earned
◦ income statements from your employer
◦ payments summaries from Centrelink
• expenses and deductions – to prove any deductions you are claiming
◦ receipts for expenses related to work, donations, or gifts

What Income Do You Need to Include?
You need to include all the income you receive during the financial year, i.e. money you have earned from all your jobs, such as:
• full-time
• part-time
• odd or casual jobs
• self-employment
• cash jobs.

In addition to this, you also need to include money you earned in other ways, including:
• online activities
• sharing economy
• personal service income
• crowdfunding
• interest from bank accounts
• share market dividends
• government payments
• foreign income and overseas investments
• owning a rental property.

Common Deductions Include:
The following are some of the most common deductions that eligible individuals can claim:
• vehicle and travel expenses
• laundry, clothing and dry cleaning
• home office expenses
• self-education expenses
• tools and equipment.

Conclusion
A single mistake during tax return lodgment can lead to penalties or fines. Therefore, it is advisable to ask experienced and Reliable Melbourne Accountants to prepare and lodge your tax return on time.

 

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