How easy is it to do your own Taxes in Australia?
Being a responsible citizen, you need to file your tax returns at the end of every tax year. We know that you already understand your responsibilities and that’s why you’re visiting this page.
But the question is that whether you file the tax returns on your own or ask someone else to get it done for you. Well, if you’re using a lawyer’s services to file your tax returns in Australia, you’re actually wasting your money.
If you want to Read more information about how you can save money by doing tax on your own, this article is definitely for you.
You might be surprised to know that filing your tax returns in Australia is a lot easier than what you can ever think. We are going to briefly describe the process of filing tax returns in Australia. And we hope that you’d find it very helpful. So, let’s take a look at how easy is it to do your own taxes in Australia.
If you’re filing your tax returns for the first time, you’d have to create an account on the official website of the tax department. It takes only a few minutes to set up your account on the official site. The users are asked to submit their First and Second name according to their ID. You’d also have to enter your National Identity Number to proceed further. Moreover, you’d be asked to submit your phone number and the email id.
After clicking the submit button, you’d receive a code on your mobile. Simply, use this code to confirm your identity and you’re ready to file your tax returns online.
Filing Tax Return
There are different forms available for individuals that belong to different categories. Based on your profession and position in an organization, you can choose the form that best suits you. After choosing the form, you’d have to submit the relevant information that may prove your income resources. You’d also have to submit the address of your business if you’re running a business.
Moreover, you’d also have to declare the assets that you have created during the tax year. Make sure that your assets are equal or less than the amount you’ve earned during the tax year. Otherwise, the system won’t let you proceed to the next step. After filling the empty spaces, you can click the submit button. You can then use the payment gateway to submit your tax online.