1. Gather the correct documents
You can make filing your tax return much less stressful by ensuring you have everything you need before you start. The information that you’ll need to have to hand before starting your tax return includes:
- Your PAYG payment summary from your employer
- Your Tax File Number (TFN)
- Your bank account details
- Details of additional income from investments or other sources
- Details of bank account interest
- Your partner’s income details, where relevant
- Medicare statements
You’ll also need additional information if you intend to claim more than $300 in work-related expenses, including invoices and receipts, credit card statements, a travel logbook, and a home office logbook.
2. Lodge your tax return online with myTax
myTax is a government system that is used to lodge individual tax returns online. It’s the quickest, simplest, and safest way to fill in your tax return. All the information you will need to complete your tax return using myTax is included in the list above, and if you get stuck while completing your tax return you can always contact a team of professional accountants, like Carbon Accounting & Tax, to look over your return for you and ensure that everything has been completed in line with Australian standards.
3. Pay your tax
The final stage of completing your individual tax return is paying the tax you owe. In most cases, you will be able to pay this immediately following the lodging of your tax return. If you are struggling to pay your tax, it’s often possible to set up a payment plan which will allow you to pay the tax you owe in regular installments. However, even if you cannot pay the tax immediately, it’s important to make sure you still file your return by the deadline of 31 October.
Follow these simple steps and filing a DIY tax return is perfectly possible. However, many people prefer the peace of mind of knowing that their tax return is completed accurately by a professional accountant. For help filing your individual tax return, contact us today at Carbon Group in Brisbane, Sydney, Melbourne, Perth, Adelaide or one of our other locations.