Tax tips for individuals and families

Now that it’s tax time we asked the Australian Taxation Office’s spokesperson, Rob Thomson, to lend some tips for individuals and family preparing their tax*.

Before you lodge your tax return, gather the following information:

• Bank account details
• Income statement or payment summaries from all your employers
• Payment summaries from Services Australia
• Receipts and records for any expenses you’re claiming as a deduction
• Your spouse's income (if you have one)
• Private health insurance information (if you have cover).

The best time to lodge is from late July when most of your information is pre-filled into your tax return.  Once your income statement shows as ‘tax ready’ in myTax, all you need to do is check the information is correct and add your deductions.  For more information on how to lodge online, visit ato.gov.au/lodgeonline

If you are lodging your tax return yourself, the easiest way is online with myTax – most tax returns will be processed in 2 weeks.

The deadline for ‘DIY’ tax returns is 31 October.

If you plan to use a registered tax agent this year, you may have until 15 May next year to lodge – just make sure you’re on the books of a registered agent by 31 October. You can find a registered tax agent or check whether a person is registered by visiting the Tax Practitioners Board website: tbp.gov.au/public-register

It's important to lodge, and pay, in full and on time. If you're worried you won't be able to lodge and pay by the due date, contact your registered tax agent or visit the ATO website to find out what support options are available to you.

If you’re experiencing financial difficulties and owe $200,000 or less, you may be eligible to set up a payment plan using the ATO’s online services. Payment plans require an up-front payment and repayments should be completed within the shortest possible timeframe to help reduce interest charges.

Lodged your tax return and wondering where it’s up to? The quickest and easiest way to check the progress of your tax return is by logging into ATO online services through myGov or using the ATO app. Remember, most tax returns lodged online take about two weeks to be processed – the ATO can’t speed this up even if you call them. 

Have you made a mistake or left something out of your tax return? Whether you lodge online, through an agent or on paper, you can request an amendment using ATO online services, accessed through myGov. All you need to do is wait until the ATO has finished processing your original tax return before requesting an amendment.

If you need help lodging your tax return, and your income is around $60,000 or less for the income year, you may be eligible for the ATO’s free Tax Help program – available online, over the phone, or face-to-face in a Tax Help centre across Australia. Find out more at ato.gov.au/taxhelp

Alternatively, the National Tax Clinic program is a government-funded initiative to help eligible unrepresented taxpayers with free tax advice and support.  For more information and to find the clinic nearest to you, visit ato.gov.au/taxclinic  

*Optus does not provide tax advice, this article has been prepared by the Australian Tax Office for guidance only.

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