Filing your tax return can be a hectic task and that combined with its importance can be a really overwhelming process. Thus special care has to be taken while calculating the taxes and in the filing procedure as well. Did you know your tax return determines how much Medicare Levy you need to pay? Hence be very cautious while filing your return.
Make sure to calculate your taxes as per law and not fall into the trap of scammers who lure innocent people in fraudulent offers for saving taxes. Do take note of the deductions you are eligible for.
First of all, know that whether you are required to file a tax or not. In case you are unsure about whether you require filing tax, tools are available to find about it. Always file return through a registered tax agent, if you need one. You can also file your tax return through myTax, a highly secure online method. In case you are new to Australia and filing the return for the first time it is better to go through a tax agent as they will be better equipped with the knowledge required. Your migrant agent can help you in finding a suitable tax agent.
In order to file a tax return, you must provide all the documents about the source of your income and expenses. Here is a list of documents that you must have and also need to keep a record of:
- Documents related to payment services by your employer and also the Department of Human Services.
- Statements of financial instruments you have invested in that show the interest earned
- Dividend statements from companies where you might have invested into.
- Statements for managed investment funds
- Any asset or equipment you purchased (receipts related to it)
- Tenancy records about rentals
- Any contracts that have financial importance
Do not wait for the last moment to file your return. The processing of your tax return generally takes about two weeks, independent of the fact that whether you did it by yourself or through a tax agent. Thus provide enough time to revise the calculations. You can track the return online via the myGov account. In case you fail to meet the deadline, you may be charged a fine as well. Keep your knowledge about tax related formalities updates by visiting the ATO website regularly. There are tutorials available for clarifications on many topics.
