A Simple Guide on How to Lodge Your Tax Return Online

Get your finances sorted quickly – here’s an easy guide on how to lodge your tax return online with the Australian Taxation Office (ATO) from home this year.

Procrastinating Your Tax Return?

Lodging your tax return can be straightforward if you wait until late July, as theAustralian Taxation Office (ATO) will have most of your information pre-filled into your tax return. The ATO has simplified the process, providing all the tools you need to lodge your tax return online before the 31 October deadline. With clear instructions and explanations at every stage, it's easy to do it yourself.

Do You Need to Lodge a Tax Return?

Most people need to lodge a tax return annually. However, if you didn’t work or have any tax withheld, you might not need to. In that case, submit a non-lodgement advice form. Unsure? Use the ATO’s ‘Do I need to lodge?’ tool to check.

Lodging Your Tax Return Online With myTax

If you're an employee or sole trader, you can lodge your tax return online with myTax. First, ensure your myGov account is linked to the ATO.

If your myGov account is already linked to the ATO, log in and prepare your return. Follow the prompts and enter the necessary information. Ensure your phone number, address, and bank account details are current to process your tax return quickly. Most returns are processed in under two weeks. You can check the progress by logging into ATO online services via myGov or using the free ATO app.

If lodging online seems daunting, consider using a registered tax agent. Contact them before 31 October to see if you can access their extended lodgement dates.

If you own a business, you must lodge a tax return even if your business didn’t earn any income or incurred a loss. Learn more about how and when to lodge for businesses.

What Can I Claim?

You’re likely aware that you can claim deductions for some expenses incurred while earning your income as an employee. Regardless of the deduction type, you must have records to prove it. If expenses were for both work and personal purposes, claim only the work-related portion.

Work-related expenses (depending on your occupation) may include:

• Vehicle and travel expenses
• Clothing and dry-cleaning expenses
• Working from home expenses
• Self-education expenses
• Tools, equipment, and other assets
• Professional membership fees

Non-work-related expenses you may claim include:

• Personal super contributions
• Gifts or donations
• Cost of managing tax affairs

If you’re working from home full-time, part-time, or in a hybrid capacity, you can potentially claim a deduction for related expenses.

Similar rules apply to businesses. You can claim most expenses as business tax deductions as long as they’re directly related to earning your assessable income, you only claim the business portion of expenses incurred for both business and private purposes, and you have records to substantiate your claims.

If you run a business from home, you may claim occupancy expenses like a portion of mortgage interest or rent, house insurance premiums, and other home-based business expenses.

Need Help With Your Tax Return?

If you need help completing your tax return, the ATO’s Tax Help program is a free and confidential service for people earning around $60,000 or less annually with simple tax affairs.

From July to October, trained volunteers can guide you through all stages of your tax return, from creating a myGov account to completing and lodging your return.

For more information about the program, including eligibility, visit the ATO website. To make an appointment, call the ATO on 13 28 61.

You may also be eligible for the National Tax Clinic program to seek support with lodging.

Finding a Tax Agent

More tax agents now offer virtual appointments via videoconferencing platforms, with many providing online booking forms. Ideally, send your paperwork to them before the appointment via email or a Cloud platform to work through the form together during the call. Some tax agents use tools like Xero to allow you to sign documents digitally.

“Tax agents do a lot digitally, so dealing with clients over video conferencing apps is common,” says Susan. Search the register to find an agent you’d like to work with.

Other Tax Time Tasks

Once you’ve lodged your return, it’s time for some financial housekeeping.

Here are some tips:

1. Review Finance Options:Make sure your finance options meet your current and future needs.

1. Assess Your Tech:Look at the latest solutions to improve office efficiency. Possible tax-deductible office upgrades could include a new laptop or printer, updated software, a second monitor, filing cabinets, a new ergonomic chair, or a sit-stand desk. Remember, if assets and equipment for work cost more than $300, you can’t claim the full amount immediately. The deduction must be claimed over several years (decline in value or depreciation).

This article offers general information. Seek professional financial or legal advice for tailored guidance for your business.