Thankfully, the Australian government gives us the option to lodge tax returns online to resolve some of our problems. In Australia, tax problems cause financial difficulties, anxiety, and embarrassment. Tax problems can lead to –
- Failure in getting loans or finances.
- Trouble in getting government benefits and payments.
- Legal action by the state government.
Often tax payers miss lodging a reason because of any reason. You may be forgetful, unemployed, have financial stress, reduction in income or personal problem, etc. you can always schedule for lodging late returns which will also include a brief statement for the delay that resulted in non-lodgement. If this is quite a lot of work, then hire a tax accountant who will do the deeds.
Bleen is an award-winning Australian online directory where you can find tax accountants near you. It is a company that doesn’t provide service but connected the people of Australia to their required service or product sold in any part of Australia. They connect customers directly with the business eliminating the role of middlemen. Also, they connect businesses to find new and potential customers at the same time.
Whether you’re an employee or businessman in Australia, you still earn a salary, income, or profit. As an employee, you still need to lodge tax returns to the country even if your employer refuses taxes from your pay. As a businessman, you have earned a lot of profit with the hard work of the employees. Thus, you too will have a lodge for tax returns.
There are different ways of filing for tax returns –
- Online DIY tax returns
- At the office with a tax agent
- Online with a tax agent
Information to Fill while Lodging for Tax Returns
You need to provide bank statements and income. In addition to that, you need to provide little additional information.
- PAYG (pay As You Go) payment summary that is provided by the employer.
- TFN (Tax File Number). This can be found on your payment summary or the previous notice assessment.
- Your bank details for the ATO (Australian Taxation Office) to deposit the refund amount into the bank account directly.
- Facts of additional income like rental income or investments.
- Interest accrued in a bank account.
- Details of your partner’s income and other tax counterbalance information.
- A medical statement along with private healthcare statements if any.
- Particulars of any occupation deductions and any center link payments received.
If you’re planning to claim $300 or more in work expenses, you will also require –
- Soft copy or paper copy of invoices or receipts.
- Credit card statement
- Travel and home office record
The Process to Pay Taxes
The ATO has various self-service tools that allow a person to manage taxes online. You can pay with a credit card r BPAY on the ATO website. You can always contact the ATO on their website or their office if you feel you can’t make the payment or lodge income tax returns on time. They have series of information that can help in managing taxes. Another way is to find local accountant nearby who can take care of your taxes even if you forget.
The deadline for lodging the tax returns is 31st October. If you earn an income you will have to pay taxes on that income.