Drafting a privacy policy or completing a tax return all by yourself may present a challenge especially when doing it for the first time. The process is rigorous and often requires professional consultation from an accountant or a tax agent.
In the absence of any claim beyond 300 for expenses incurred for running your business, below are some :
• You to present vital information regarding your bank account. This is required if you wish to receive the refund through your account.
• MyGov is also needed especially if you have used any ATO approved system in the past.
• You need a tax file number, TFN.
• You can find this on your group certificate or payment summary
• Lastly you will also need a PAYG payment summary
However if you happen to make expenditures at work and need to claim 300USD or more, then you will also need the following documents in addition to the ones listed above:
• Credit card statements
• Copies of invoices
• Logbook(travel and home office)
• Receipt number for Bpay
• Bank interest
• Details on any investments made during the fiscal year
• Extra income details if applicable
• Details on any tax offset
So now it’s time to lodge your tax return, but wait a second; how are you going to it?
Various ways you can get a tax refund
So much has been done recently to make it easy for you to complete your tax return but you may still go through the conventional way of doing it which is hardly without stress. Technology has always been a major driver for the present world, making life easier. The Australia’s online tax return hasn’t failed in its effort to make it simpler for people to lodge their tax returns by using some of the best technologies available. Several channels have been devised through which you can complete your tax return. It’s up to you to choose the option that works best for you. Here are the ways you can lodge your tax return:
Hiring a tax accountant
This option works best if you are running your own show and having problem tracking details of all your expenses. A good amount of money can be forgone when you are not familiar with the tax system in the country. You can only blame yourself when you miss the money that is owed to you due to your own shortcomings. A tax accountant is what you need to meet up and keep track of all your tax returns. Such people possess an in-depth knowledge of the tax laws in Australia and will always be in a better position to make certain deductions which may ordinarily go without your notice. They can also save you from paying fines by helping you prepare accurate statements.
Hiring a tax accountant may appear expensive initially, but there is a lot you stand to gain. The bumper return you will get due to all the deductions made will be more than enough to pay for such expenses. It’s a give and take process; of course, you will definitely take more in the end.
Using a paper return
You can do your tax return individually by obtaining a paper return. The option still works well but you have to prepare very early. However you should know that this solution works well for people who are employed by the government or business organizations. If you happen to run your own business or any private property, you may need to seek professional help due to issues that may arise.
Going online
You can also choose to lodge your tax online. There are several systems that have been approved by the Australian tax online (ATO) for this purpose. Two good examples are MyTax and e-tax. Online technology is very easy to use; even people with vision impairment can still assess the system.
Lodging your return online comes with a host of benefits. It is highly secured and available all round the clock so you don’t need to make any appointment or special consultation to ask for a tax refund Sydney.
We have come to the end of the article. It is now up to you to decide which option you prefer. Now you can determine which option that will work well for you. Always lodge your tax return in the most rewarding way!