Contrary to what some people believe it is mandatory to file your tax returns even if income tax is remitted on your behalf by your employer. There are those who are exempted from lodging returns.
Filing returns are necessary because you may have another source of income apart you need to declare. Besides, filing your returns can also see you get a refund from the taxman for out of pocket expenses incurred while working.
Tax returns should be done for the period running from July 1 to 30 June the following year and should be submitted by 31st October.
How to Lodge Returns
Online filing of tax returns is the easiest and fastest way to do it. ATO software is used to do this.
If you are lodging for the first time, you should follow these steps:
- Have your tax file number (TFN) ready together with one of these documents: your birth certificate, passport or citizenship certificate.
- Create your myGov account online.
- Get your unique linking code by calling 13 28 61 and pressing 5 when prompted. Each unique code expires within 24 hours.
- Sign into the myGov account, go to the Services page and from there link your account to ATO. Select ‘I have a linking code’ and follow the instructions given from that point.
- Once you complete these steps, you are now ready to use ATO online services and start filing your returns.
The other alternatives to filing online are through a tax agent, lodging a paper return, or by using the Tax Help program.