Unsure if you should do your tax online via myTax or use a tax agent? This guide compares both options side by side so you can see the pros and cons of each, and decide which option is right for you.
Tax return 2020-21
Get tips to complete your tax return for the 2020-21 financial year and find cheap online tax return options here.
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All working Australians are required to lodge a tax return with the Australian Tax Office (ATO) each year. Your tax return will declare all the income you've earned throughout the financial year, which starts on 1 July and ends on 30 June annually, to ensure you've paid the correct amount of tax. If you've paid more tax than you needed to, or if you've got some tax deductions to claim, you can expect to get this money back after submitting your tax return.
If you're after a bit of help with your tax return, an Australian tax agent can help you correctly lodge your tax return.
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Should you do your tax return yourself, or get professional support?
There are two ways you can lodge your tax return. You can complete your tax return yourself online for free using the ATO's tool myTax, or you can seek support from a registered tax agent. Both options have advantages and disadvantages.
The benefits of using a registered tax agent
A tax agent will ensure you've lodged your return correctly, and they can help maximise your refund by claiming more deductions that you're eligible for.
Claiming tax deductions to maximise your refund
Claiming tax deductions for work-related expenses you've paid throughout the year can help reduce your taxable income and get you a bigger tax return. But it's important to claim only what you're legally entitled to.
Tax deadlines you need to be aware of
You need to make sure you've successfully lodged you tax return ahead of the deadline set by the ATO each financial year, or you risk getting a penalty. There are different deadlines you need to be aware of depending on how you choose to lodge your tax return.
DISCLAIMER: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information applicability to their own particular circumstances.
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