In past, filing tax seems like a difficult task because you have to gather all the documents about your revenue then filling the tax form and submitting in Australian taxation office. But now the thing has changed, lodging your tax return is as simple as opening an email account but yes for tax return you need to have some basic knowledge that can help you to file the right tax return. There is a certain preparation that will help you to file your tax return online.
The online tax return facility is for the convenience of people and this also a good tool for the government to get complete information about taxation of people. Because now this provides a single-window solution for people and government to gather the data about tax filers. This increases the revenue stream for government and the number of filers is also on increase due to this facility. This helps the government to gather Tax filers data quickly and they need less resource as per past. Because now all information will be gathered electronically. This also saves money and time for tax filers, because in past they have to hire tax consultant, gather all the required document, then the consultant will be filling the tax forms for their clients. The same will be submitted. The consultant used to charge fees for filing your tax forms and submission. The tax consultants are still playing their role but usually, they are required for a complex situation. Where the individual or businesses have multiple revenue streams, so the tax consultant can help them to file the tax according to their category. But as an individual, if you want to file tax online, you need to follow certain steps. If you are interested about investment property tax return you can visit https://ezytaxonline.com.au/property-tax-return/.
- Know your Tax rate: This is important for every individual and business owner that they should be well informed that in which income category, they fall in. The income category will decide the tax rate for them and they will be filing their tax accordingly. Filing in the wrong category may have legal or financial implication, so for the first time, it is not bad to take advice from tax consultant about the same.
- Research the Exemptions: Again, you can hire the tax consultant or may do your research. There might be some law that can provide you with certain exemptions in the tax rate. This can be for different types of business or profession, it’s always good to have information first hand, so you will be saving money due to this
- Documentation: Always keep the record of documents with you. For the current or previous year, that will help you to fill your tax with all the right details and if there will be any abnormality, you will be having the right documents in hand for the same.
- Create an account: Create an account on Taxation portal. The account will be needing your social security number, name, address and profession, also other detail will be required. Take the tutorial that how to use the portal for filling tax and then you will be on the way to be filing your tax, yourself.