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Tax Time Tips For Lodging Your First Tax Return

tax time tips

Every year, more than 13 million Australians file their own tax return but if it’s your first time, it can be confusing.

The secret to success is to get started early, lodge on time, fully understand what’s required of you and make sure you’re accurate with your figures.

Check out our useful tax time tips on getting through tax time for the first time.

Do you need to file a tax return?

You’ll need to file a tax return if:

  • You’re employed or self employed and earning over $18,200.
  • Tax was deducted from payments made to you (such as wages) during the financial year.
  • You’re a foreign resident who earned over $1 in Australia.

The tax year covers the dates from 1 July to 30 June, and the due date for filing is 31 October. If you’re using a tax agent, they may have a later deadline. Check with them far in advance of 31 October and send them your information as soon as possible.

How to prepare for tax time and lodge online

Filing a tax return can be simple. The first thing you need to do is make sure you have your tax file number, your Bank State Branch number and bank account number. Next you’ll need to log into your myGov account or create one, then link the ATO as one of your member services.

This will allow you to manage your tax and superannuation affairs using your myGov account and lodge your tax return online using myTax. You may also need details of your income and expenses including:

  • Payment summaries from employers, super funds or Centrelink.
  • Statements from banks showing interest received.
  • Receipts for donations and work related expenses.
  • Your spouses’ income and expense details.
  • Details or dividends, capital gains or losses from shares or managed funds.
  • Rental property expenses, mortgage interest and rental income earned.

You can lodge your tax return for the previous financial year from June 30 so get your information together and get it done as soon as possible. Once you’ve lodged the ATO will acknowledge your return. If you need to make a tax payment online, you can use your debit or credit card using the ATOs EasyPay system.

If you need help with any of the banking needs, head in to your local BOQ branch.

This blog post is for general information purposes only and is not intended as financial or professional advice. It has not been prepared with reference to the financial circumstances of any particular person or business and should not be relied on as such. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article.

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