For many business owners or individuals, preparing and lodging a tax return is a stressful task. Filing an annual ATO tax return is important as it checks your taxable income and calculates any tax owed or refunded. The ATO needs individuals to file a tax return from 1 July to 30 June each financial year. Filing on time, by the due date of October 31, ensures compliance and avoids fines.
Additionally, it also allows the ATO to determine your tax obligations accurately, including any government schemes or deductions you may qualify for. On-time lodgment supports the efficient functioning of government agencies by offering required revenue for public services.
What Information Do You Need to Prepare and File a Tax Return?
If you are organised with accurate records, it will become easy for you to lodge a tax return. The ATO will have information that can be downloaded into your tax return, such as taxable Centrelink payments, income statements from your employer, and private health insurance details. Apart from this, you need to gather information:
- your tax file number that can be found on your payment summary or previous notice of assessment
- your bank account details
- details regarding any additional income such as rental income, business income and expenditures and subcontract home
- details regarding any tax offset, such as your spouse’s income details
Preparing Your Tax Return
Preparing your tax return involves reporting your income accurately and claiming potential deductions. You can receive help from a tax return accountant to prepare and lodge your tax return. It is crucial to include all sources of income from investments to employment, and to maintain records of any expenses you may claim as tax deductions. If you owe tax, ensure to understand the due date for payment to avoid interest charges.
Tax Return Lodgment Options
If you need to file your tax return, you can have a few options based on your circumstances.
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Lodge online with myTax
Prepare and file your own tax return online with myTax. It is one of the safest ways to file and it is processed in 2 weeks.
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Lodge with a registered tax agent
Registered tax agents are authorised by the ATO to prepare and file tax returns. A tax accountant in Melbourne provides expert advice on deductions, helps with complex tax matters, and ensures accuracy. When you use a tax agent, they can also extend your due date for tax return lodgment. It’s important to seek help from an agent registered with the Tax Practitioners Board.
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Lodge a paper tax return
You can use the paper tax return to file your tax return by mail, most refunds are issued within 50 business days.
Due Dates for Your Tax Return
If you are filing your own tax return, you must file it by 31 October each year. If 31 October is a weekend, the due date to file your tax return will be the next business day after 31 October. If you use a registered tax agent, they will have special lodgment schedules and can file tax returns for clients later than 31 October. If you are looking for a registered tax return accountant, make sure to contact them before 31 October.
What If You Miss the Due Date?
Even if you forget the due date, it is crucial to file as soon as you can. If you expect a tax bill, avoid delaying the tax lodgment. The due date is 21 November for payment when you file your own tax return, even if you file late. Interest will apply to any amount owing after 21 November.
What is a Notice of Assessment?
After filing your tax return, you will receive a Notice of Assessment from the ATO. This document shows your taxable income, any refunds, tax paid, or debts owed. It is vital to review this notice for more accuracy and keep it for your records.
Conclusion
The blog outlines important documents that you need when it’s time for tax return lodgment. If you don’t know what documents you must prepare and how to lodge a tax return, you can receive help from Reliable Melbourne Accountants.