Why Wait For 2 Weeks? Get Your Tax Refund Today !

MyTax ATO 21

The Australian Government put efforts into changing the way the tax returns are lodged. The first of such changes were when they introduced online tax returns and launched e-tax, allowing a safe and convenient way for taxpayers to lodge their returns. However, it did not come without its complications, as one would need extensive knowledge of tax submissions as there would be no professional advice or someone from ATO to help you through the process. In 2016, etax was replaced by myTax where ATO made the process much simpler but the main concern remained in myTax 2017. Starting 2018, it has become compulsory for employers to report the income details of employees and after 2021 F.Y it will become compulsory for all employers. This changes in combination with the myTax software allows for up-to-date information allowing taxpayers to lodge with confidence in the completeness of their information. Online security and protection are the primary focus for ATO so that taxpayers can submit their returns online and directly.

The major benefits of lodging online tax return with myTax 2021 are as follows:

    • Available 24/7 from anywhere
    • Refunds in around 2-3 weeks (General timeline)
    • Breakdown of your refund or debt
    • Pre-filled information about your private health insurance (available by late July)
    • Pre-filed details of your income, interest etc. (available by late July)
  • Print and review your tax return before lodgment
  • Get notification in your inbox for refund release dates
  • Upload deductions receipt in myDeductions to prefill your tax return.

Key concerns when lodging with myTax 2021 are:

  • Need to wait for the pre-filled data as most of the information by employer, banks and government may be mostly available by late July.
  • Incompleteness in documentation leads to an audit by ATO. Taxpayers 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 kilometers used for some specific purpose is considered as a work-related expense. There are many more complications similar to the example above where a taxpayer might need professional advice.

Is it worth of taking a risk?

If not used in a right way, it becomes a disadvantage for a taxpayer. Any mistake can delay the refund for months and can cause a lot of trouble to a taxpayer. The claim done by a taxpayer can be legitimate, however if the ATO audits, the process becomes long, and a taxpayer would need to justify all documents and deductions.

It could be better option to have an expert or professional such as a Registered Tax Agent (My Tax Refund Today) to process the return.

Our company, My Tax Refund Today focuses on maximizing a tax return along with providing fast and efficient service. Satisfaction of our clients are of utmost importance and we consider all the benefits and offset you may be eligible to claim. For more information on MyGov 21, To receive a tax refund estimate from us please send an enquiry form 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

This disclaimer informs readers that the views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author’s employer, organization, committee or other group or individual. To have your tax case assessed please contact a registered tax agent.

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