Preparing Your Tax Return - Part 4
Now that you have a bit of understanding of how taxes are done here in Australia and how to keep records, it's time for you to prepare your tax return.
👉 Tax Return or Non-lodgement Advice
You have to determine first if you need to lodge a tax return or a non-lodgement advice. A non-lodgement advice is to let ATO know that you do not need to lodge a return for that year and also, you'll not have any outstanding return to be listed in the portal. Same with Centrelink, you need to inform them if you do not need to lodge a return so that they can balance your payments as soon as possible.
To know whether you need to lodge a return or not, you can use this calculator - https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=DINTL&anchor=DINTL/questions#DINTL/questions
👉 DIY or Tax Agent
If you need to lodge a return, you have to know whether you'll do it yourself or a tax agent.
If DIY, ATO has some helpful videos that can assist you via myTax - https://publish.viostream.com/play/c-nzjherk
If you watched how I keep my records and have a lists on what you earned and deductions you want to claim, then it will be easy for you to compare figures from the prefilled and your supporting documents.
You can refer here for on how to use myDeductions - http://ato.gov.au/General/Online-services/In-detail/myDeductions/Using-myDeductions/.
👉 Non-lodgement Advice
- You have to log to mygov and click ATO
- Head to TAX > Lodgements > Non-lodgement advice then follow the instructions
- You also need to inform them if you are receiving any benefits from them so that they can balance your payments as soon as possible
- You can refer to here - https://www.servicesaustralia.gov.au/individuals/online-help/centrelink/advise-non-lodgement-tax-return