Tax time is right around the corner. If you’re not sure where to start, good news – the Australian Taxation Office (ATO) have shared a range of tips and resources to help make tax time simple.
Understanding your deductions
From union fees to protective equipment – the ATO’s tailored occupation guide for Security guards and employees gives great insight to common deductions in your role. It also covers information on the income you’ll need to declare, and the records you need to keep.
Keep your records
Keeping the right records is essential. Use the myDeductions tool in the ATO app for a fast and easy way to store your receipts and keep track of your records!
When is the best time to lodge?
The best time to lodge is from late July, when most of your information from employers, banks and health funds has been automatically included in your tax return. All you’ll need to do is check the pre-filled information is correct, add any income that’s missing, and claim your deductions!
Once you’ve lodged, you can check the progress of your return online by logging into ATO online services through myGov or the ATO app. Remember, most tax returns lodged online take about two weeks to be processed.
Your tax assessment
The ATO is reminding people that the low and middle income tax offset has ended and you may get a lower refund this year, or you may get a bill. A list of this and other reasons that may affect your tax refund are available on the ATO website at ato.gov.au/mytaxresult
Want to learn more? Visit ato.gov.au/security