How to claim your tax return

There are a few things that you will need in order to complete your tax return. You must know exactly how much money (income) you have earned in the previous financial year. If you work for an employer, this amount will be available in your end of financial year income statement. This will either be given to you as a hard copy or online on your MyGov account. You must also have a detailed list of all the deductions that you are claiming. Claimable deductions will be explained in further lessons.

There are some different options for the lodgment of your tax return. The best option for you may vary, depending on your circumstances.

Lodge your tax return online with MyTax

MyTax is an online tax return platform which is a simple, safe and secure way to lodge your tax. MyTax is a very simple online platform to use. During the lodgement process, MyTax explains each process step by step.

Benefits of lodging with MyTax include:

  • It is available for all individuals who want to lodge their own tax return.

  • MyTax can pre-fill most information from your employers, banks, government agencies, health funds and third parties by late July. · You can upload records you keep in the myDeductions tool to pre-fill your tax return.

  • They use a range of systems and controls to protect your information.

  • It’s available 24 hours a day, 7 days a week, so you can lodge at your convenience.

  • You will receive a lodgment receipt by email to confirm that they have your lodgment.

  • You’ll get your refund faster (generally within 2 weeks).

Lodge your tax return online with MyTax

You can utilise a registered tax agent to prepare and lodge your tax return. They are the only professionals that can charge a fee for this service.

Benefits of lodging with a registered tax agent include:

  • They can make the process more time efficient.

  • They can help you to ensure that you lodge your tax return correctly.

  • They can identify eligible deductible expenses related to you or your field, which can reduce your tax liability and help you receive a higher tax refund.

  • They can make sure that your tax return remains compliant with the latest tax laws.

  • They can provide you with any advice and assistance necessary to process your claim.

Note: Tax agents do come with a fee (price depending on the agent). However, this fee is claimable in the following year’s tax claim.

Lodge a paper tax return

You can use a paper tax return form to lodge your tax return by mail. Most refunds for paper tax returns are issued within 50 business days.

Benefits of lodging a paper tax return include:

  • Some taxpayers may feel more comfortable completing a paper tax return.

  • Some taxpayers may not have access to the internet or a computer to lodge their tax return electronically.

  • Some taxpayers may prefer to attach physical documents to their tax return as supporting evidence.

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