Tax Time ‹ Osborne Yuille

It’s Tax Time! Now what?

As a general rule

When you earn more than $6,000 in a financial year or have had tax withheld from your pay, you have to do a tax return.

Preparing your first tax return may seem intimidating, but it can actually be both empowering and rewarding. What’s more, it’s not that difficult. It just takes patience to make sure you’ve followed all the instructions.

There’s a first time for everything

If you’ve never done your tax before, there are several ways you can complete it: Get help. If your tax return is complicated or if you lack confidence, why not see an accountant? For around $200 (this figure could be higher or lower depending on how complicated your tax return is) an accountant will be able to help you understand all of the tax-deductions available and will also be across legislative changes which could affect your financial situation.

Online with E-tax

If you want to submit your tax return electronically head to the Australian Tax Office’s (ATO) website – www.ato.gov.au. Apart from being free and accessible at any time of day, the great thing about E-tax is that it is easy to follow and does most of your calculations for you. When you use E-tax, most refunds are sent within 14 days.

DIY

Do it Yourself with a Tax Pack. You can get a copy of the ATO’s Tax Pack from your local newsagent or tax office. Otherwise, you can get one sent to you by calling 1300 720 092. The Tax Pack includes the form you fill out and information about each question, so that you know what details are being asked for.

Keep in Mind

It doesn’t matter whether you choose E-tax, a Tax Pack or a professional accountant. What matters is that you’re accurate and, if asked, able to prove your claims. The ATO does not take responsibility for checking that the details on your tax return are correct – that’s your responsibility. The ATO may review your tax return at a later date and if necessary change the amount of tax payable. In other words, you could end up owing the Tax Office money. No thanks!