5 things to know about completing your tax

The 2015 to 2016 financial year is over. 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.

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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.

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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.

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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.

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

Bank notes and coins are seen with a Medicare Card in National Disability Insurance Scheme. (AAP Image/Dave Hunt) NO ARCHIVING Source: AAP

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.

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