Tax time is nearly here and the stress levels are mounting for ordinary Australians who want a fast and accurate way to lodge their tax return. And not just any old tax return but one that ensures you claim every possible deduction to which you are entitled.
According to the research, millions of Australians are stressed out by the thought of doing their own taxes. The thought of doing your own tax usually conjures up harrowing images of hunting around for lost and missing receipts and struggling to find enough spare time in an already busy schedule to complete your MyTax lodgement. Hence the booming trade tax accountants do at this time of the year. However, there are ways to offset the anxiety and take control of your own tax returns.
If you’re looking to maximize your tax return, MyTax is a great starting point. However, without the proper guidance, it’s easy to overlook potential deductions that could leave you out of pocket, at best. At worst, it could mean things like audit adjustments and ATO penalties.
How to complete your MyTax tax return
MyTax is the ATO’s online system for lodgment of individual tax returns. If you have a simple tax situation, MyTax is generally the quickest and easiest way to lodge your return. MyTax can be accessed via the ATO website, and you will need a myGov account to log in. If you don’t have a MyGov account, you can create one here.
Once you’ve logged in to MyTax, the first step is to ensure all your personal details are up-to-date. This includes your name, address, contact details and bank account information. MyTax will prefill much of your tax return using the information the ATO already has on record but it’s important to check that everything is accurate and up to date.
The next step is to assess your income. MyTax will again pre-fill some of this information but it’s important to check that everything is correct (the ATO make mistakes too..). You also need to add all other incomes the ATO doesn’t know about yet. This includes income from property and other investments, trusts, partnerships, sole trader businesses, interest, dividends and so on. MyTax will also pre-fill any taxable government payments you may have received such as the childcare benefit or the senior’s health care card rebate.
Once you’ve completed these steps, you can start looking at potential deductions. MyTax has a dedicated deductions section that provides an overview of the most common deductions.
While MyTax is a fast way to lodge your tax return, it’s not always the best way to ensure you’re claiming all possible deductions.
Using the right support tools can help you maximise your MyTax tax return
Knowing how to accurately claim and calculate within the different sections of the MyTax form is crucial. The new Australian-based online tax support solution, TaxTank, does all the calculations and deductions for you. When you use the TaxTank platform you are assured of getting all the right numbers to optimise your MyTax form in mere minutes!
Not only that, but this innovative system also allows you to keep all your receipts to substantiate those work-related claims, in the one handy secure storage location. And we know what you’re thinking, if I just read up on tax law myself and stay up to date on what the ATO is targeting and allowing year upon year, I can do my own MyTax tax return and not miss a thing! However, if you would like some assistance, help is at hand.
TaxTank optimizes your tax return with smart tax tools and live bank feeds to ensure no deduction is missed throughout the year. Yep that’s right, you’ll know your live tax position all year round, which means no end of year tax grind and full confidence you’ve nailed everything! Something MyTax doesn’t provide…
Better still, using TaxTank’s clever little MyTax report you’ll complete your return online in minutes. So, this tax season, let TaxTank take the hassle and worry out of MyTax for you and give yourself back some valuable time!
If you want to learn more about MyTax and how to optimize your tax return, visit TaxTank today. With our easy-to-use platform and expert support, we’ll help you get the most out of MyTax this tax season. Visit us now at taxtank.com.au.