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Using myTax

The ATO has introduced a new streamlined online tax return process for individuals with very straightforward tax affairs. MyTax is made up of just ten screens and is intended for people whose only income derived from wages, salary, dividends, bank interest, allowances,  and/or other Australian government payments.

To use myTax your only tax deductions need to be from work-related expenses, expenses related to income from interest or dividends, gifts/donations, and the costs associated with handling your own tax affairs. The only tax offsets that can be used in myTax are the senior Australians and pensioners’ tax offset, the zone and overseas forces tax offset, and/or the private health insurance rebate.

If you wait until early August to file your tax return with myTax, the ATO will be able to pre-fill all of your relevant tax information from the past financial year. This means that all you will have to do is provide your identification details, review the information and then submit.

In order to use myTax, you will need to have an existing myGov account. Both myGov and myTax are available on smart phones and tablet devices.

If you are unsure whether myTax is appropriate for you then the ATO has provided a full set of questions that you can use to determine whether or not you meet the criteria. Individuals who have tax affairs that are too complex for myTax should use the existing eTax system.

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News

Understanding various kinds of super fees

February 16, 2018

No matter the kind of superfund you opt for, you will be subject to super fees. Understanding how these fees work and the difference they can make to your next egg is vital.

When it comes to superfund fees, there are two factors you need to get your head around; the kinds of fees you are being charged and the rate of fees you pay. Opting for a superfund based on these two factors can see you retire with hundreds of thousands more money.

You should be aware of the various types of fees you are being charged. If you would like to find out the fees you are being charged, you should do two things. Firstly, Google your fund’s product disclosure statement and scroll through to the fees section. You should see a list of different types of fees, with an explanation of what they are, how they are applied, and how often they will be incurred. Secondly, you should log in to your superfund account and take note of all the fees being charged to you. Investigate how closely these correspond and correlate with the product disclosure statement.

If you feel there are discrepancies, do not hesitate to contact your superfund or financial advisor and ask for clarification. It is worthwhile doing your research and comparing the fees you are being charged against other super funds and what they charge. Being complacent and not paying attention to your super is extremely irresponsible; the dividends you will receive later in life for being diligent now outweighs the burden of taking time to be informed today.

Some of the common super fees across the board include:

Another major factor contributing to how much you accumulate in your super account throughout your working life is the rate of fees you pay. Plain and simple, some funds offer much lower fees than other, creating a difference of hundreds of thousands of dollars when it comes time to retire.

Generally, funds are categorised into three groups; low super fees, medium super fees and high super fees. Ultimately, you want to be in a fund that charges low super fees. In saying this, it’s not only about super fees, as some funds have medium-high super fees but also perform better based on investment strategy, meaning you will get more back from your investments.