CALL US: (07) 3367 0999 | EMAIL US:

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.

Business
advice

taxation
planning

compliance
services

News

Superannuation for Women

January 18, 2019

It’s no secret that the median super balance for Australian women at the time of retirement is significantly lower than that of their male counterparts. The Australian Commission & Investments Commission (ASIC) have reported that men retire with about twice the amount as women. The discrepancy is reportedly even higher between Mums and Dads. Between lower wages and a higher likelihood of having an interrupted working life for women, women also tend to live longer and thus require more super to cover more years. Unfortunately, between personal finances, business financial capabilities, and governmental policies, actions to close this gap can be limited.

Where viable, private companies can consider: