Lodge Your Tax Return Online

Tax returns can be lodged with a tax agent, but there is an easier and safer way to lodge your tax return.

Benefits of lodging your tax return online:

  • myTax allows you to lodge at your convenience as it is available 24/7
  • the information from your bank, employer and government agencies will be pre-filled by late August so the process will be quicker and easier for you
  • you are assured that your information is protected as myTax uses online banking encryption
  • your refund is available within 2 weeks
  • all individuals including sole traders can lodge their own tax return

MyTax is web-based so you do not have to download anything. Using any device-computer, tablet or smartphone, you can lodge your tax return online.

MyTax features and upgrades in 2016 include:

>new online tools that record depreciation and capital gains
>ability to amend or lodge prior year returns
>fully integrated tools and calculators
>myDeductions data automatically loads into your return except sole traders
>helpful messages that will guide you through lodgment

Pre-filling information

The information that you lodge is partially complete by automatically loading the current year information from organisations that report to the ATO including banks, employers and government agencies and the data from your account activity and previous tax returns. Once the information is ready, all you have to do is to review them to know if you need to update incorrect details or add missing details.

More often than not, pre-filling information is available within a couple of days after it has been reported to the ATO. The information is available by early August. If you want to check the availability of pre-fill information for your health funds, investment income and government payments, you simply check the website of myTax.

The information that can be pre-filled

Some of the information that can be pre-filled include your salary, wages, dividends from your shares, interest credited to you by the bank, private health insurance information and more.

The information will greatly depend on when the information was received from your employer and other organisations once you lodge your return. According to the law, it is necessary for organisations to report your information by August 14 for details of payment summaries and October 31 for information about your investments. It is also ideal for organisations to send the information much earlier. You have the option to check the information to pre-fill by starting your online return.

It is also important to resolve any discrepancies with the organisation that provided your data before you lodge your return. The ATO checks the information that organisations have provided and matches them with the information you report on your tax return.

Tamara Deterding

Written by : Tamara Deterding