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 2022-23
All working Australians are required to lodge a tax return with the Australian Tax Office (ATO) each year. Here's how to lodge yours, plus more guides and resources to help you complete your tax return.
What is a tax return?
If you've earned any money in Australia throughout the financial year (1 July to 30 June) you need to declare this at tax time. If you've paid too much tax throughout the year you'll get some back in the form of a return. Or, if you haven't paid enough tax you'll need to pay more. Your tax return is also a chance to declare work-related expenses as deductions, to boost your 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.
Lodging your tax return
Here are the top-line steps on how to lodge your tax return:
- Step 1. Decide which way to lodge - online yourself or with a tax agent
- Step 2. Gather the information and documents you need
- Step 3. List all your deductions
- Step 4. Lodge your return with the ATO
For a more detailed overview on each of these steps, read our longer guide on how to complete your tax return.
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 to do your tax return
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 tax 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 return 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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