It is important for all Australian residents or international visitors residing and working in Australia to understand their obligations regarding the lodging of a tax return on time.
For most people living in Australia there is a requirement for them to lodge a tax return each year, although there are some exceptions to this rule. One of the best ways to lodge your Australian tax return on time is to file the tax return online.
If you are at all uncertain as to whether or not you are required to lodge a tax return you should first consult a tax agent who can advise you of your obligations.
To be able to file an Australian Tax return online you will need at hand all your financial records and documents that you have accumulated throughout the year. Some of this information is also available online and our tax agents will be able to assist you if you need help accessing this information.
Filing an Australian tax return online is more efficient than doing so via mail, however the detail within a tax return can be complicated and confusing. It is easy to misunderstand what deductions you are allowed to claim and what income you must declare. Mistakes made can result in failure to receive a refund or in some cases additional tax to pay.
The deadline for lodging an Australian tax return each year is 31 October. You can file later than this if you use a registered tax agent but you must ensure you are registered with the tax agent prior to 31 October.
Engaging a registered tax agent to assist you when filing a tax return online makes good sense. Australian tax legislation is complex and changes are frequently being introduced each year. Your tax agent is required to remain up to date with these tax legislation changes and their knowledge will ensure your tax return is accurate and filed on time.