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Completing your 2016 tax return? What’s different this year?

Completing your 2016 tax return? What’s different this year?

If you submit your own tax return (rather than using a registered tax agent) the most significant difference this year is the introduction of MyTax.

MyTax is web based and can therefore be used on any device that is connected to the internet; phone, computer or tablet. You can use the ATO app on phones and tablets.

You need a MyGov account which links all the government agencies information together to access MyTax.

MyTax provides a number upgrades not available in the old eTax program that had to be download to your computer, including being able to submit or amend prior year returns.

MyTax can pre populate information the ATO has already received from other institutions like banks, employers, super funds and private health insurance providers and government agencies like Centrelink.

You can still submit a paper based return or use a registered tax agent to complete your tax return.

Regardless of the method you use to submit your tax return; MyTax, the paper based form or a registered tax agent, it is important keep relevant records, including:

  1. Work related expenses
  2. Work related travel expenses
  3. Income protection premiums held outside superannuation
  4. Private Health Insurance premiums
  5. Donations to tax deductible recipients.

If you have made contributions to your super to receive the government co-contribution or spouse contribution offset, make sure you state this on your tax return also.

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Disclaimer

This presentation has been prepared without taking into account the personal objectives, financial situation or needs of any person. You should consider the appropriateness of the information presented having regard to your own objectives, financial situation and needs and obtain professional financial advice prior to making any decision.

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