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Settlement Guide: 5 things to know about completing your tax

Source: Public Domain

The 2015 to 2016 financial year is nearing its end. It’s time to get your financial records in order, so you can lodge a tax return. Here are some tips on how to complete a tax return.

1. Tax returns are needed for almost all earners in Australia

If you’re unsure whether you need to lodge, use the Do I need to lodge a tax return tool to find out.

2. You can complete it online via myTax or through a registered tax agent

If you need to lodge a tax return, myTax is a secure way to lodge online. You can generally receive your refund within two weeks. To access myTax you need a myGov account. It’s also important to make sure that your tax agent is registered.

3. You need to keep records of documents

Keep your records, such as payment summaries, receipts, invoices and contracts for a period of five years from when you lodge your tax return.

4. Tax returns determine whether you need to pay the Medicare levy and how much

5. The 2016 tax deadline is 31 October 2016

Failure to lodge (FTL) on time penalty may be applied if you're required to lodge a return or statement with the ATO by a particular day, but don't.

Source ATO