You heard it here first, mandy makes your tax returns fun (or at least as fun as they can be). Keep reading for proof…
What is a tax return?
Great question, check out our post here.
When do I have to do my tax return?
Tax season runs from July to October. Get it in before October 31st and you will be sweet.
Is there a website I can use?
You bet. It is now really easy to do your tax return because it is all digital!
You will need to hop onto myGov and link the ATO service to your account.
It is all very user friendly.
Once you have linked the ATO to your myGov account, you will need to click a “lodge now” button to take you onto the myTax portal.
Once you are on the myTax portal, follow the prompts and begin to fill in all your personal details.
Declaring your income
Next up… you need to declare all your income.
Some of this may be pre-filled (linked to your TFN), but if not, it may be time to dig through past income statements.
You must account for all possible sources of income to ensure that you are being taxed correctly.
For a detailed explainer, click here.
The key rules when submitting any tax deductions:
- Make sure you have double-checked the rules (they can change year on year)
- You must keep receipts of any item being deducted for five years after the deduction.