As the tax payment dates approach, many people run around frantically trying to calculate all the necessary expenses that they had in the previous year. The best way to avoid that would be by keeping close records of all the important expenditures the year before. Despite that, however, there are many others that struggle to fill in the tax return form on their own, and although they can get help, some would rather handle it on their own. And for people as such, they can now submit their tax returns online.
There are many people out there that don’t have to worry about doing their tax returns on their own, as they hire accountants or tax agents to do their work for them, and this way, they don’t have to worry about the online submissions. However, those that would rather do it on their own, they have 2 options.
For those that have straightforward taxes, they can use the browser-based, myTax, which is a simple platform for people with no tax complications. This is especially for those that have only had 1 job, haven’t moved from one job to another, and don’t have to deal with complicated tax issues. These people just have to sign up to receive the myGov service. This service also offers other governmental services aside from just tax returns, as such as Centrelink, Medicare, etc. And this is relatively easy to use, as you can use it from the technology of your choice and because it’s browser-based.
The second option is for those that have more complicated taxes. There is another software for people as such, called e-Tax, which can be accessed through Macs and Windows PCs. Once again, it is required for them to have a myGov account in order to gain access to it. The most updated 2015 version of this software will be released on the 1st of July this year.
It has been deduced that around 1 million people chose to use the myTax option for their tax returns last year. This year, the software has improved further, and it now includes lump sum payments, foreign pensions, managed investment funds, and superannuation.
However, despite the fact that people can now fill up their tax returns from home, this still does not exempt them from making errors, and it has been found that people are afraid of making mistakes. That said, ATO has clarified that they will not penalize people for this.
Finally, no matter which platform you use, you can use it as an opportunity to take advantage of the information pre-filling from the bank, your employer, health service provider, etc.
Paper returns are not as effective as the online submissions, which is why, ATO has made the lives of its tax payers easier and has allowed the use of online tax payments through 2 options. Furthermore, unlike the general fears, ATO will not penalize on the minor errors that one might make while filling out the online application.…Read More