Recently, Australian Government has made changes to the way tax returns are lodged. Initially they introduced online tax returns and launched etax, which indeed had a few complications in it. To lodge returns in this system people were required to have a good knowledge of tax submission as no professional advice was provided from ATO. In 2016, etax was replaced by mytax 2017 where ATO tried to make the process simpler with few changes but it was again a challenging task for ATO to address individual taxpayer’s concern in lodging through mytax 2017. Now, mytax 2018 has some new implications where ATO tried to solve the queries of tax payers in 2017 tax return.
Online security and protection has always remained a primary focus for ATO so that taxpayers can submit their Assessment form online and securely. After a thorough analysis we tried to list out major benefits of lodging online tax return with mytax 2018:
- Availability 24×7
- Refunds in around 2-3 weeks
- Breakdown of your refund or debt
- Pre-filled code for private health insurance from last year’s return
- Print and review your tax return before lodgment
- Get notification in your inbox for refund release dates
- Upload deductions receipt in mytax to keep records safe
Some of the key alarming concerns with lodging with mytax 2018 are:
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- Need to wait for the pre-filled data as most of the information by employer, banks and government may be available by late august.
- Incompleteness in documentation leads to an audit by ATO. Tax payer need to have a good knowledge of taxation.
- Different regulations for different VISA holder like Working Holiday Visa, Student Visa, Spouse Visa, etc.
- Calculation of deductions and relation with the work is often a question of professional judgement. For example, travelling from home to work and vice versa is not treated as work related expenses but the kilometres used for some specific purpose is considered as a work-related expense. There are many more complications similar to the example above where a tax payer might need professional advice.
Is it worth of taking a risk?
If not used in a right way it becomes a disadvantage for a tax payer. Any mistake can delay the refund for months and can cause a lot of trouble to a tax payer. Claim might be legitimate but to justify it with the ATO is a long procedure after it gets under audit.
It could be better option to have an expert or professional to get the job done by a Registered Tax Agent( My Tax Refund Today).
Here, at My Tax Refund Today we provide you with a Free Tax Refund Estimate and an option to get refund in 1 hour*. We try to maximise your tax refund with keeping ATO guidelines and regulation in mind to avoid any unpleasant situations. For more information on MyGov 18, Please contact My Tax Refund Today on 1300 698 297 Or email us on info@mytaxrefundtoday.com.au, a tax expert will be able to help you
*Conditions Apply
