Today Yangsook Lee, ATO’s employee with Korean background joins SBS radio studio to explain about BAS and Individual tax return lodgements.
Most businesses lodge their activity statements quarterly. 28th July is the next quarterly BAS lodgement due date.
It’s important to remember, even if you have nothing to report, you still have to lodge a nil activity statement and to save time, the best way to lodge is online.
You can lodge online through the ATO business portal or if you are a sole trader through your myGov account.
Online is the easiest way to lodge and by doing so you may get an extra two weeks to lodge and pay.
You can choose to complete your tax return online using myTax or you can use a registered tax agent to lodge your return on your behalf. You can lodge from 1 July, and you should lodge with myTax or contact a registered agent by 31 October.
If you choose to use an agent, make sure they are registered. Check online at www.tpb.gov.au Remember, you are responsible for the information in your tax return, even if you lodge through a registered tax agent.
You need to declare all of your income, including income from any cash jobs, the sharing economy, your second job, foreign sources and capital gains.
If you plan to lodge online using myTax, you should wait to lodge until mid-August. This way, your tax return will be pre-filled with information provided to us by third parties including your employer, banks, government agencies, private health insurance providers and others.
All you have to do is review the information, and add any missing details or update incorrect details. This way, you are less likely to leave out any of your income.
Full interview is available on the podcast above.
