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Tax Blogs

Early Tax Returns

June 9, 2021

Don’t make the mistake of trying to lodge your Income Tax Return too early.

Lodging tax returns too early

This year will be the first time you won’t be getting a “Payment Summary”, why’s that you may ask?, (or not).  In a valid attempt to make the business world paperless, all your payroll data is now downloaded into the myGov systems electronically.

What does this mean for you?, simply that the little piece of paper you are used to getting at the end of the financial year will no longer happen.  So, the only indication you have of what you’ll earn will be shown on your last payroll slip for the year. 

You’ll find that rushing in to get your income tax return done could be for nought.  If your employer hasn’t uploaded the information you will not have the data to complete your income tax return.  That means you’ll have to wait.  It’s really that simple. 

This also occurs for other data the tax office utilises for it’s big brother data matching activities.  That will include: Interest, Dividends and Health Insurance.

Easy Online Tax Returns

In the meantime you can get a dose of limited excitement by using our Tax Refund calculator.  It is basic but should give you an idea if you’re headed in the right direction.  Simply enter your income add any interest, then estimate your Tax Deductions.  You’ll have a rough idea on what to expect with your Tax Refund.

Note that our quick tax calculator is rough, and doesn’t include HELP/HECS debt and the impact of partners income and medicare levy surcharge health insurance to name a few.

Ready to start your Online Tax Return? 

Look no further than Gotax, simply select your Occupation and off you go! 

Early Tax Returns

 

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