It is tax time now and you can prepare your own return online using myTax or you can use a registered Tax agent. You have until 31 October to lodge your own tax return or to register with an agent.
myTax is available for anyone who wants to prepare their own tax return, including sole traders.
To lodge online, you will need a myGov account and then link it to the ATO.
Whether you complete your tax return yourself or you use an agent, it is important that you make sure all your income is included in your tax return.
Community Relations Officer, Jagjit Singh, of ATO Source: Supplied
This is includes, for example, income from your second job, foreign sources, bank interest from term deposits and any cash jobs.
If you are claiming a deduction for work-related expenses, there are three golden rules to remember:
1. You must have spent the money yourself and you weren't reimbursed for it
2. It must be directly related to earning your income, and
3. You must have a record to prove it.
This year, the ATO is paying extra attention to people whose deduction claims are higher than expected. If your claims seem unusual, ATO may check them with your employer. You can create your myGov account at my.gov.au
You can then access myTax from a range of devices including smartphones and tablets.
Lodging with myTax is free, secure, and by lodging with myTax you will get your refund in two weeks or less.
Previous Tax Talk segments in Punjabi
ATO Tax Talk June 2017: Tax Time
