It's official - you can now lodge your tax return for the 2022-23 financial year and claim your tax refund. And we're here to help you do it online, fast and easy.
Just remember that the ATO does not promise that all your prefill data will be available till after mid-July.
At GoTax, we make online tax returns simple, secure and convenient. You can complete your tax return in minutes, and get your refund in as little as 10 days and even sooner (subject to ATO processing).
But before you start, you should know about some of the tax changes that have been introduced for this year.
These changes may affect your income and deductions, and the amount of tax you pay or get back.
Here are some of the key 2023 Tax changes you need to know:
Removing the self-education expenses threshold:
If you have work-related self-education expenses, such as course fees, textbooks, travel costs, etc., you can now claim the full amount as a deduction. You no longer need to reduce your expenses by $250 to calculate your deduction. This means you can potentially increase your tax refund by claiming more deductions.
Revising the fixed rate method for working from home expenses:
If you worked from home during the year, you can now claim $0.67 per work hour as a deduction for your home office expenses, such as electricity, internet, phone, etc. You can also separately claim a deduction for the work-related use of depreciating assets, such as office furniture and technology. This means you can potentially increase your tax refund by claiming more deductions.
Ending the low and middle income tax offset (LMITO):
This offset was a temporary measure to provide tax relief for low and middle income earners. It is not available for the 2022-23 income year. This means you may receive a smaller tax refund or pay more tax than the previous year.
Introducing the veterans' superannuation (invalidity pension) tax offset (VSTO):
This offset is a new measure to provide tax relief for veterans and their beneficiaries who receive superannuation invalidity pensions. It applies from the 2007-08 income year. This means you may receive a larger tax refund or pay less tax than the previous year.
Changing the personal income tax rates and thresholds:
The government has made some changes to the personal income tax rates and thresholds to provide tax relief for most taxpayers. The 32.5% tax bracket has been expanded to include incomes up to $120,000, and the 37% tax bracket has been reduced to include incomes from $120,001 to $180,000. This means you may pay less tax than the previous year.