Many people know that they have to lodge a tax return with the ATO. However, they do not know whether they are eligible for the tax return and how to do it. There are a lot of tools which would help you to examine whether you are eligible for a tax return. In case that tax return is not required, you need to submit a non-lodgement advice. This will avoid the ATO representative from contacting you to check.
Who needs to file?
Even if you have minimal income, capital gain, rental property expenses and dividend income, you need to file a tax return. It is illegal to avoid filing a tax return and you might incur a penalty for doing so. The refunds would be done within 12 days and thus, using e-tax is becoming very common.
MyTax is a new tax return service which is available for smartphone users and also for desktop users. It is a straightforward tool which helps to file the tax return. This software has many pre-filled information which can be used. Not all can use MyTax. You can use it only if,
a) You were residing in the country for the tax purposes from 1st July 2013 to 30th June 2014.
b) Your income comes from salary, wages, allowances, dividends, government payments and allowances.
c) The deductions you have used falls under work related expenses, expenses related to the interest income or dividend income, donation, gifts and the expense of managing one’s own tax affair.
d) The only tax offsets you are eligible are the pensioners, senior citizen, overseas forces and private insurance rebate.
If you are not sure whether you fall under these categories, use the decision tool which is available with the ATO to check whether to use MyTax or e-Tax. You need to have sufficient bills, records, bank statements and diary records to prove that you are eligible to claim the tax return. If you want to save money, it is better to do your tax savings by yourself. However, if you are not use about the credibility of the outcome, it is better to hire an accountant or use the help of financial experts. It might be a costly step, but if you think that the tax return would be higher than the fee of the experts, then it is better to use one. Make sure to get the help from a qualified accountant to avoid risks. Do not delay the process as the returns have to be submitted, before October 31st.