If this the first time for you to lodge tax return online then there might be lots of confusion created, this article will help you to understand not only how to but also why should you.
Why lodge tax return?
Yes, you will need to lodge a tax return if you meet the following conditions:
- Your total assessable income exceeds a tax-free threshold for the income year.
- You have paid Pay as you go instalment Tax irrespective of you income.
- You carry a business or profession regardless of income or loss.
- You earn less than a tax-free threshold and you have to withhold tax from that income.
- You’ve been asked to submit a return by the commissioner. A full tax return is required even if there is no assessable income to report.
- You’re a resident minor(under 18) who received the income from dividends or distributions greater than $416, and franking credits were attached, or tax was withheld.
How to lodge tax return online?
- Search or go to the MY Tax, an official website. (Link at the end)
- You can also access using a myGov account, of creating an account on myGov(Link at the end), or from the ATO app, from smartphone or tablets.
- After logging in, you can check other online services.
- Click on the My tax(Lodge Tax) quick link.
- MyTax will ask for confirmation about the contact details and financial institution details.
- MyTax will ask you MCQ’s or simply a tick mark questions about your income, investment, government payments.
- Some of the information will be auto selected if the information as been given to the ATO.
- After ticking all the process, myTax will generate your return, and the information from your employers and other third parties provided to the ATO will be automatically filled. But you can also update, add or edit information manually accordingly if you wish.
- You can also add tax deductions to your term, with the help of building calculators or a click through to a detail information on what you can claim.
- You are allowed to save at any place and can resume or go back and edit it anytime.
- Before you lodge your fund, myTax will estimate your refund or amount owing. It will also confirm the details of the account any refund will be paid to.
- At last, check the final checkbox confirming all the details you’ve provided is correct and then you can lodge your account.
- After lodging, you will get a confirmation and a receipt. You can also print or save your myTax return.
Why online tax return?
There are many benefits for you if you plan to lodge your tax online.
- The information that has already been provided to ATO will be auto-filled that will make things a lot faster and easier.
- You can access and use the services anytime you want.
- It is available for everyone who wants to lodge their tax return.
- You can get your refund way faster, like within two weeks.
- High security and information are protected.
- myDeductions data can be uploaded to prefill the tax return.
Lodging tax return online is an amazing creation that makes it so much easier and faster and is 24/7 accessible. The process itself is very easy, and also the site will guide you, and there is prefilled information, that makes the high rate of accuracy. And the security of the information is comparatively as equal to e-banking.