How to deal with taxing times
If you need to lodge a tax return, here are a few tips to make sure you are ready to go.
As the end of the financial year approaches, it’s a good time to start thinking about your annual tax return.
Some people find tax time daunting, but that need not be the case if you do things slowly and methodically.
Of course, everybody’s circumstances are different. You may not need to file at all (which is the case if the Age Pension is your only source of income), you may be able to file a simple return on your own, or you may need the advice and assistance of an accountant or tax agent.
With that in mind, here are some general tips for preparing and submitting your return after the financial year finishes on 30 June:
Check your deductions
If you want to claim work-related expenses, you need to ensure that they are legitimate and that you have the appropriate receipts to back them up.
The Australian Taxation Office (ATO) has a tool called myDeductions that allows you to keep track of your work-related expenses throughout the year.
Seek professional advice
If you are unsure about any aspect of your tax return, it may be a good idea to seek professional advice. A tax agent can help you navigate the complexities of the system and ensure that you are claiming everything you are entitled to.
Doing it yourself
Your tax return can be completed online as long as you have a MyGov account that’s linked to the ATO. There are instructions for setting all that up here.
Lodge your return on time
The normal deadline for lodging your tax return is 31 October, so make sure you give yourself plenty of time to get everything in order. If you are using a tax agent, they may be able to arrange to lodge your return later than this date.
Be aware of scams
Scammers often target taxpayers around tax time, so it is important to be vigilant. The ATO will never ask you to provide your personal or financial details via email or text message. If you receive a message like this, it is likely to be a scam.
Keep your records
After you have lodged your tax return, make sure you keep all your records for at least five years. This includes receipts, payment summaries, and any other relevant documents. This will ensure that you have everything you need in case the ATO audits you.
Any links provided are for general information only and should not be taken as constituting professional advice. National Seniors is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how any information provided relates to your unique circumstances.
