The process of lodging tax returns is critical, so you should ensure that the pertinent tasks are performed properly. Basically, the tax return is a form that allows a taxpayer to make a statement of income and personal circumstances. The taxpayer can be any legal entity, and the tax return must be filed annually for compliance with the law. The tax returns that you will lodge will help the government to assess your liability with regard to taxation.
Ideally, it is advisable to engage a tax agent for assistance when filing the returns. The professionals have the latest information on task and can complete the work with more efficiency. On the other hand, you can minimise your annual expenses by lodging the taxation form yourself. If you choose this option, consider using these simple tips to manage your tax return tasks.
Utilise Technology
There are different ways that you can file your tax return, and the right choice for you will depend on your personal preference and convenience. You can order a printed copy of the official tax return form for traditional filing of your financial information. As mentioned, you can engage a tax agent, eliminating the need for personal manual work. Finally, you can file the tax returns through online platforms.
This is the easiest method for individual taxpayers without extensive experience or knowledge on taxation. The Australian Taxation Office has an online lodgement service that incorporates your financial information from employers, banks and the government into your account. In addition, the ATO will send your tax receipt and assessment notifications directly to your account.
Know Your Deductions
You are legally entitled to claim significant deductions on some of your expenses when lodging your tax returns. Most of these deductions are directly linked to your income, so you can make some savings by understanding your entitlements. Generally, you can get a work-related tax deduction if you spent the pertinent money and no reimbursement was made. You should have a valid record of the expense for the deduction to be relevant in your tax records. Common aspects for which you can claim deductions include protective clothing, travel expenses, cleaning bills, self-education and home office expenses.
Research on Changes
Changes on taxation legislation are made and implemented frequently. It is important to know the changes to avoid filing an invalid tax return form. You should check official government forums for new information before lodging your records. For example, the mature age worker tax offset has been recently eliminated, making it irrelevant in current returns.
Share30 November 2015
I teach first grade. My students are already interested in how money works, but they often have funny ideas about how people get and use money. I like to work out fun ways to inject financial education into our days — sometimes we play shops and the kids get to buy play items like clothing from the dress up collections or plastic fruit. We also talk about ways to buy more expensive items such as cars or houses such as borrowing money from family or from the bank. This blog has some of my tips on fun and easy ways to teach kids of all ages about money.
