Unless there are exceptions specified by the Australian Tax office (ATO), an income received during the financial year starting 1stJuly to 30 June the following year, is an income to be lodged for a tax return. This can be done in two ways. You can either lodge yourself or through a registered tax agent. Please note that you need to have a Tax File Number prior to lodging tax return and the returns need to be lodged before the 31st of October for the respective year/s.
Paper Tax Return
If you want to go old school and are confident with paperwork. Then you can lodge by submitting your paperwork to the respective ATO office in Sydney. Prior to submission, you need to read the ‘individual Tax return instructions’and ‘tax return for individuals’ sheet. You will also need to fill in the supplementary section of the individual tax return sheet if you have capital gains, dividends from trusts and partnerships, foreign income sources, andrental income. The process takes around 50 working days for a refund. However many Australians now opt to lodge in their tax return through online services either for individual or corporate purposes.
Online Tax Return
If you want to complete your
tax return online, you need to log in throughyouronline account. You can do it by yourselfby creating an account on ‘myGov’ or use the services of a registered tax agent. Only registered tax agents are allowed to charge a fee for preparation and submission of your tax returns.
One of the key prerequisite expected from a registered agent is that they should be registered under the ‘Tax Practitioners Board (TPB)’. This ensures that they are bound to meet and maintain standard qualifications and experience and are compliant with the code of professional conduct. Additionally, make sure you always discuss and agree with the services to be provided by them before they agree to lodge in your tax returns on behalf of you. If you have not lodged tax returns for prior years, tax agents can advise and help you to lodge for these years as well.
Benefits of Using an Online Tax Return Service
Some of the benefits of online tax services are;
1. Most of the work can be done by the individual themselves with minimum time and resources.
2. Refunds are made within 2 weeks
3. Digital documentation results in environmentally friendly practices.
4. The system allows flexibility to fix errors if detected
5. User-friendly and easy to access interface
6. Automatic data input
7. Easy steps with simple instructions along the way.
Benefits of Using an Online Tax Agent
You Don’t Have To Deal With the Complexity of Understanding Everything about Tax
Agree or not, taxes can get complicated, especially if you have more than one income source to deal with. Tax agents can explain and instruct you on what areas you need to focus on and what entitlements you can benefit from.
You Can save Time and Stick to Deadlines
Lodging in a tax return takes several hours if you do it by yourself. But when you have an agent you just need to pass on the information and they will do the rest for you. Besides you need not worry about deadlines as agents work ahead of the deadline.
Tax Is No Longer a Stressful Issue to Deal With
As always the more support you have for more complex situations the better you overcome it. Likewise, an agent can be a peace of mind, as they will make sure that your returns meet the compliance standards and that your details are submitted accurately and appropriately.
A Good Relationship Means A Trustworthy One As Well
If you opt to use the services of a particular tax agent regularly and if you’re satisfied with their services, the relationship will be a mutually amicable one as well. Over time the agent will have a thorough understanding of your finances and this will enable them to provide you better advice.
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