Return of the tax
When it comes time to do my tax return I usually seek the help of another, my accountant. He takes care of everything because that’s his profession and he makes quite a good living off it. However, when I asked if he could write a blog for me about how to lodge a tax return, he said he had another call and put me on hold; 25 minutes later and I’ve decide to do some research and find out for myself how to do your tax return…
There are many excuses/reasons the government gives for paying tax and hence filling out tax return forms. Basically, if you’re an Australian citizen and working you will need to do so. To compete a tax return you will need a number of documents such as pay slips, but most importantly you will need your TFN (Tax File Number). You would have applied for one before starting your first job, but if you’re not sure what it is or where to relocate it, head over here for a great explanation. Once you’ve got your TFN and all your financial documents from the past year in order, it’s time to head to your local accountant and they’ll do the rest! Of course, not everyone likes having things done for them, and if this is you, you do have a few options: you can lodge your tax return on the net, by mail or via phone. The best part about this is you don’t have to pay anyone to do it for you! Find out different ways to lodge your tax return here.
A few more things when lodging your tax return: if you’re doing it yourself be sure to get it done well before the October 31 deadline. If you’re relying on your accountant though you have a little more time. There can be some pretty serious repercussions if you don’t comply with tax laws, however, the tax office is pretty lenient if you’re doing it all yourself.
And my accountant is so fired.