If you are lodging your tax return for the first time, then this blog is for you. Tax return lodgment is one of the most crucial steps that every Australian citizen should take. In this blog post, we’ll discuss what you should do if you are preparing and lodging a tax return for the first time. If you are unfamiliar with the tax return lodgment process, you can reach out to a tax accountant near you by searching ‘tax accountant near me’.
Are You Preparing to Submit Your First Tax Return?
Before filing a tax return for the year, you need to determine whether you’re required to lodge one. If you’re not required to file, you must still submit a non-lodgment advice.
Be sure to review any updates and changes for individuals this tax season. When you’re ready to lodge your tax return, gather all the necessary information, including:
- Your income statement or payment summary (ensure your employer has marked it as tax-ready)
- Receipts or statements for any expenses you wish to claim as deductions
- Your private health insurance statement
How to File a Tax Return?
Most people who make money and have tax withheld from that income must file a tax return. If you have to file, you can choose how you prepare and file your tax return. You can choose to:
- File tax return online with myTax: You can prepare and file your own tax return online. It is a safe way to file and can be processed in 2 weeks.
- File your tax return with a registered tax agent: Whether you are filing taxes for yourself or your business, it’s beneficial to go through a registered tax accountant. If you are looking for a tax accountant for a small business to manage your tax matters, you can reach out to small business accountants in Melbourne. With a registered tax agent, you can be sure that your tax returns are prepared and lodged accurately.
- File your tax return through mail: You can use a paper tax return to file your tax return using mail, it may take up to 50 days to get refunds.
Can I lodge my tax return early?
Before leaving Australia prior to the end of the income year, you can lodge your tax return early. You may have to use the paper tax return form to file tax returns early. It might take up to 50 business days to process the application. The ATO accepts early lodgment if you are either:
- If you are a foreign resident for tax purposes and:
- Plan to permanently leave Australia
- Will no longer receive income sourced from Australia
- If you are an Australian resident for tax purposes and:
- Plan to leave Australia
- Will no longer be considered an Australian resident for tax purposes
- Will no longer receive income sourced from Australia
You will have to file a tax return during the normal lodgment time (1 July to 31 October) if you:
- are not permanently leaving Australia
- will likely get Australian-sourced income after leaving Australia
- have one of the following:
- Higher Education Loan Program (HELP) debt
- Australian Apprenticeship Support Loan (AASL) debt (formerly Trade Support Loan (TSL))
- Vocational education and training (VET) Student Loan debt.
What to consider when choosing a tax agent?
A tax agent is a qualified professional responsible for preparing and lodging your tax return. When choosing a tax agent, they must be registered with the Tax Practitioners Board (TPB). Professional and qualified tax agents will provide you with consumer protection as the TPB ensures they:
- follow and maintain the required qualifications and experience
- adhere to the Code of Professional Conduct.
When choosing a tax agent, you must discuss the services they offer so you both know what to expect. When preparing and lodging tax returns, it’s crucial to have accurate records. That’s where bookkeeping services come in. Bookkeepers ensure to provide accurate records to accountants, so they can prepare and file tax returns accurately.
Conclusion
If you are lodging a tax return for the first time, you must be aware of several things. If you are unfamiliar with tax matters, it would be better to reach out to Reliable Melbourne Accountants.