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Lodging A Tax Return- Everything You Need To Know

Do you want to lodge your tax return? Hurry up, the last day, i.e. 31st October 2021 is almost near. You can lodge online using myTax through a registered tax agent or complete an offline paper tax return on your own. The financial year of the tax return covers the income year from 1st July 2020 to 30th June 2021.

What You Need To Include?

The things you need to mention when lodging a tax return are:

  • How much money you earn (income), and
  • Any expenses you can claim as deduction.

What Lodgement Options Are Available?

If you need to lodge a tax return, you can choose the following options:

  • Lodge a tax return online with myTax
  • Lodge a tax return with a registered tax agent
  • Lodge a paper tax return

Information You Need To Lodge

You will need your:

  • bank account details (BSB and account number)
  • income statement or payment summaries from all of your employers
  • payment summaries from Centrelink (Services Australia)
  • receipts or statements for the expenses you are claiming as deductions
  • your spouse’s income (if you have one)
  • private health insurance information (if you have cover)

Due Date For Penalty Free Tax Return Lodgement

If you’re lodging your own tax return, you need to lodge it by 31st October each year. As 31st October falls on a holiday, the due date to lodge your tax return is the next business day.

In case, you are hiring the services of a registered tax agent, you can leave everything on them as they usually have special lodgement schedules that allow them to lodge returns for clients later than 31 October. Even if you miss the due date, it is important to lodge as soon as you can.

Expecting A Tax Bill?

Don’t delay lodging your tax return even if you expect a tax bill. For those lodging their own tax returns, the due date for payment is 21st November 2021. Interest will apply to any amount you owe after this date.

For those, finding it hard to pay on time, request a payment plan:

  • online for debts $100,000 or less – you will need a myGov account linked to the ATO
  • by automated phone service for debts of $100,000 or less

Be a sincere taxpayer and lodge your tax returns before the last date to prevent hefty fines and hassles. You can rely on our experienced tax consultants at KPG Taxation to assist you the right way.