Any tax return in Australia is for the entire year from 1 July of the last year to 30 June of the current year when you are filing your return. But this year is quite different as there is a pandemic situation going on around the world and in Australia. The people of Australia can file their tax returns until 31 October of this year. There are two ways an Australian can do it. They can file their return by themselves to the ATO or a tax agent can do it for them. Be wise in choosing a tax agent for this purpose.
When someone lodges a tax return, the ATO gets information about how much money that individual has earned throughout the fiscal year. Based on this information, the ATO decides how much tax you have to pay. In case you have paid more than the required amount, the extra amount will be refunded and if you have underpaid the amount of tax, the ATO will send you a tax bill for paying the remaining amount.
How to know whether you are eligible to lodge a return:
In case someone has taken out a specific amount of tax from some of his income, he should file a tax return. There are several other rules about this situation as well. You can easily check it by using the tool from ATO called “Do you need to lodge a tax return?” There are several online portals which are not authentic and can harm the interests of the citizens. You can avoid such fake services by linking your myGov account to ATO to check your eligibility. Then, in the list of online services offered by ATO, you will find the official version of Do I need to lodge a tax return? Here are the steps that you can follow to check whether you need to lodge or not?
- Log in to your account of myGov and then, click on the online services.
- A dropdown list will open on the screen and you have to select lodgements.
- Now, click on the option Income tax.
- Look for the heading outcomes, just under this heading, you will find the option Do I need to lodge? Click on it and select the year for which you want to check it.
How can you do it?
A number of options are available to file a tax return if you are a citizen. Selecting an option depends upon the convenience and situation of the person:
- MyTax: You can file your tax return using myTax. This is a safe and quick way of filing your tax return. You can save a lot of time if you opt for this method.
- Go to a tax agent: If you are unable to do it by yourself, you should go to a tax agent for this purpose. But make sure you have selected a registered tax agent.
- Do it with the help of papers: You can also do it the old fashioned way, using the papers.
In case you don’t need to lodge your tax return, you have to provide some relevant information to complete this process.
Required information for filing your tax return:
- Statement of income from all your employers.
- Payment statement from Centrelink
- Other relevant statements to claim some deductions.
- Your bank account details.
- If you are married, you have to include the income of your spouse.
- Those who have private health insurance have to fill in this information too.
There is a fixed date until which you can file your tax return. You can file your tax return before 31 October of this year. When 31 October is on a weekend, you have to file your return until the next working day. For those who have a tax agent for this purpose should provide all the relevant information to their tax agent before 31 October. Though there are some special rules that enable the registered tax agents to file tax returns even after 31 October but you should always contact your tax agent before 31 October.
Those who have difficulties in filing their tax return should contact the ATO immediately. There are several mediums that can help you connect with the ATO.
When you get a bill after lodging your tax return, you can do it before 21 November of the same year. This happens mostly with those who file their returns on their own.
When you have missed the last date of filing a tax return, you should do it as soon as possible. If you have filed your tax return before 31 October, you can pay the tax before 21 November. Whenever you have failed the last date, it is advised to contact the ATO immediately as they can work with you by understanding your situation.
There is a free program for those who need help in this matter, but it is for all those who have an income of $60,000 or less. And those who are not eligible for this program can contact some registered tax agents.