Options for lodging your 2014 tax return
Few of us look forward to dealing with the mountain of paperwork and receipts that go with tax return preparation. To help make your 2014 tax return a little easier, there are a number of tools and available.
Lodging your tax return online is getting simpler every year. There are two ways to lodge your return online:
- myTax (available July 1 2014 )is the ATO’s new streamlined tax return designed specifically for people with straightforward tax affairs. You can access myTax on tablets, smart phones and computers and it is the fastest way to lodge your return.
- eTax is another online method you can use if your tax affairs are a bit more complex. You can download e-tax 2014 to your PC or Mac. It automatically performs checks and calculations to help you complete your tax return, and can save you time by pre-filling some of your information, such as interest on bank accounts and PAYG information.
- ATO app: You can download the ATO app which can help you track the progress of your tax return after you have lodged it. It also provides individual or small business owners with relevant tax information and tools in one central place.
Most refunds done online will be issued within 12 business days of receipt. Remember, this timeframe does not apply to prior year returns or amendments to returns.
If you are short on time or need tax advice, you can use a registered tax agent, such as an accountant, to prepare and lodge your tax return for you.
Registered tax agents are the only people allowed to charge a fee to prepare and lodge your tax return. Fees charged by tax agents vary and you should ask for either a fixed cost or estimate upfront.
Before choosing a tax agent, it's a good idea to check whether they are a registered tax agent. Visit the Tax Practitioners Board for more information.
Tax returns cover a financial year which runs from 1 July to 30 June. Once the financial year ends, you have until 31 October to lodge your tax return if you are doing it yourself.
If you are using a registered tax agent you have until 31 March the following year.
This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.