Do you want to lodge your tax return hassle-free? A tax return reveals your income and deductions helping determine if you’ve paid the right amount of tax. It covers July 1st to June 30th and is due by October 31st. There are different options to lodge your tax return, such as online method, tax agent, and paper. You must know how to file tax returns in special circumstances. We’ve got guidelines for lodging tax returns. Continue reading this blog to know everything about tax return lodgment.
How Does an Accountant Help You Prepare Your Tax Return?
You can prepare your tax return by seeking help from small business accountants, and complete it online, or on paper. If you get help from a professional tax accountant, then you can stay stress-free as they will be responsible for covering aspects related to tax returns. Your tax return tells the ATO:
- how much money you make
- if you are liable to claim any deductions.
The ATO uses this information to check if you:
- have paid the right amount of tax or paid too much
- require to pay the surcharge or Medicare levy
- can get any tax offsets.
If you pay tax more than required, the ATO will refund the extra amount to you, this is called a tax refund. You may receive a tax bill, in case you don’t pay the right amount of tax. Your tax return covers the income year starting from 1 July to 30 June. If you are required to complete a tax return, you need to file it or seek help from a professional tax return accountant, by 31 October. When you file a tax return, you need to include how much money you make and expenses you are eligible to claim as deductions.
You can file a tax return by choosing any of the following options:
Using the online method with myTax
You can prepare and file your tax return online, but sometimes, it seems to be difficult for those who are not aware of the online method for tax return lodgment.
File a tax return with a registered tax agent in Melbourne
One of the best methods to prepare and lodge tax returns is by seeking help from a professional tax accountant in Melbourne. They can prepare and file your tax return on your behalf.
Lodge a paper tax return
You can use a paper tax return method to file your tax return by mail.
Due Dates for Tax Return Lodgment
It is important to lodge tax returns by 31 October each year. October 31st or the next business day. If it’s a weekend, registered agents have different schedules but engage them before October 31st. If you face difficulty meeting tax obligations or are not able to lodge a tax return by 31 October, then you can seek help from a reliable and expert tax accountant. On the other hand, if you file a tax return on your own and you receive a tax bill, payment is due by November 21 even if you file:
- between 1st July and 31st October
- after October 31
If You Miss the Due Date
If you miss the due date, then don’t delay it further and pay the tax as soon as you can. If you receive a tax bill, don’t delay tax return lodgment. The due date for tax return lodgment when you file on your own is 21 November even if you miss to lodge on date. Interest will apply if you owe after 21 November. If you are finding it hard to pay tax on your own, then you can seek help from a professional tax accountant. As a business owner, you can also opt for accounting and bookkeeping services.
Now, you are aware of what tax return lodgment option you can choose. If you want to focus on your business rather than preparing and lodging tax returns, then it is advisable to hire an accountant for your company. If you have any questions or need help, you can reach out to Reliable Melbourne Accountants.