The Australian Taxation Office (ATO) is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns.
ATO assistant commissioner Tim Loh says most taxpayers with simple affairs will now find the information they need to lodge has now been pre-filled in their tax return.
“Most of the information we collect from employers, banks, private health insurers, share registries and other institutions is now ready to go,” he says. “So, if your financial affairs are fairly straight-forward, you’ve got a ‘green light’ to lodge. But remember, you still need to check your details are accurate before you hit submit.”
The ATO advises that regardless of whether you lodge using a registered tax agent or do it yourself through myTax, pre-fill information will be automatically available in your tax return.
Mr Loh adds that some income may need to be manually added – for example, income from rental properties, some government payments or income from ‘side hustles’.
“Just because you’ve got a green light, that doesn’t mean you should rush. Take your time and make sure to check that all your information is included.”
Mr Loh says that calling the ATO won’t speed up the processing of your return. “But you can keep track of your return by logging into the ATO app or through myGov, regardless of whether you lodged yourself or through a registered tax agent,” he says.
“We normally process online returns within two weeks, but if your return hits a speed bump, we’ll contact you.”
Tax time tips:
Include all of your income: If you picked up some extra work through online activities, the sharing economy, interest from investments, a capital gain (e.g. from the sale of an investment property) or received a cash payment for any work, you will need to include this income in your tax return.
Assess your circumstances this year: If your job or circumstances have changed this year, it is important to reflect this in your claims. For example, you may have worked at home less in 2022–23 than in the year before. The way you calculate working from home deductions has also changed, so consider which method is right for you.
Records, records, records: To claim a deduction for a work-related expense, you must have a record to prove it. The ATO app makes it easier and more convenient to keep records in one place, including photos of your receipts and invoices.
Wait for your notice of assessment: Your tax estimate in myTax or from your registered tax agent may not match your final tax outcome. We recommend waiting for your notice of assessment before making plans for how you will use any expected tax refund this year.
Stay alert to scams: The ATO will never send you a link to log in to its online services or ask you to send personal information via social media, email or SMS.
Do you wait for the green light from the ATO before submitting your tax return?
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