First time tax return lodgers can find the process of preparing and lodging their returns very daunting, with the increasingly complex Tax Act.
The Australian Tax Office has a new online tax return lodgement system, MyTax, which they expect to makes things easier for many taxpayers with straightforward tax affairs, including those who are new to the workforce and lodging for the very first time.
But there are plenty of traps for the unwary:
Third party information passed to the ATO to pre-fill your return can be late or missing and if you lodge a return without full disclosure of all your income – even if you’ve relied on the ATO to get it right – then you’re responsible for the omission, not the ATO.
Make sure you claim the right deductions. Don’t claim for things you’re not entitled to but equally, make sure you’re aware of – and claim for – all those many things the tax law allows you to claim, but you might not have been aware of.
Often, the best solution is to seek professional help.
Mark Chapman, Director of Tax Communications with Australia’s largest firm of tax accountants, H&R Block, commented, “we can prepare your tax return from scratch, taking the stress of the whole process away. We’ll make sure that everything that should be included is included and when it comes to deductions, we’ll make sure you claim everything you’re entitled to. Quite simply, we won’t miss a thing. The whole process will be quick and easy, and we’ll get your refund with minimum hassle to you.
“Alternatively, if you want to prepare your return yourself, let us have a look at it before you lodge. With our ‘second-look’ service, our tax experts will check your work and point out anything you’ve missed so you can be confident that you’ll be getting all the deductions you’re entitled to”, he added.
