Tax time 2014 is fast approaching, and it’s the time of the year when you should start thinking about your tax returns Geraldton again. If this is your first time to lodge your tax return, the help of tax accountants is at hand to make sure that you get things right. But it would be good to get a glimpse of what tax return is all about so you would have an idea of what you should be discussing with the tax accountant you use.
What is a tax return?
A tax return is the report of your income that you need to present to the Australian Taxation Office. Your tax return will determine whether or not you have paid the right amount of tax. For some, this can be an opportunity to get a refund, especially if their employers have deducted more tax than what is needed.
In case you choose to prepare and lodge your tax return, you should know that you only have from 1st July to 31st October 2014 to lodge. Also, you need to prepare all the financial documents you have, which include: payment summaries from your employer, receipts for charity donations, bank statements, government payment summaries. Once you have these ready, you can begin completing the lodging process.
What are the ways to complete tax returns Geraldton?
1. E-Tax
E-tax is ATO’s free lodgement service that lets you lodge your tax return online easily. It is secure, convenient, and fast – so much so that you can receive your refund in your bank in 12 business days or even less.
From 1st July, you can start downloading e-tax for free. You can only use e-tax once you have verified your identity, though. You can do this by using payment summaries from your employer (or Centrelink) or details from bank statements. If you have some questions about e-tax, you can contact representatives from the ATO, or you can consult with tax accountants.
2. By paper
If you do not want to use e-tax, you may also lodge your tax returns Geraldton by paper. You must be aware that there are a lot of downsides that come along with lodging by paper. This includes the longer time you would have to wait to get it processed – normally within 42 days after the Australian Taxation Office receives your lodged tax return by mail.
3. Using short tax return
If you’re lucky enough to have a simple and straightforward tax affair, you would pleased to know that you can use the Short Tax Return to lodge your tax returns. All you need to do is call the ATO office to learn more. But if you are still unsure about how to sort things out, or you still have questions that need some clarifications, it would be good to consult with tax accountants first.