May 27, 2024
Are you a tax virgin?
Filing your first income tax return can be a bit stressful, but actually is quite easy with the right guidance. And at Gotax we're here to help you pop your tax cherry and make it a smooth and satisfying experience.
At Gotax, we offer a free service for first-time tax lodgers. That's right, you can prepare and file your income tax return online with us at no cost. And we'll walk you through the process step by step and help you get the bestest refund.
Before we get cracking on that we think it's time to give you a bit of information to help you understand things a little bit more:
- The financial year runs from 1 July to 30 June. You have until 31 October to lodge your tax return for the previous financial year.
- You need a tax file number (TFN) to lodge your tax return. You must already have one by now, so dig it out, you'll need it.
- Your employer has an obligation to send all of your payroll information to the Tax Office. We then access that information for you. That information is generally only fully available from the 14th July. If your employer has sent it in earlier, then any time after the 1st July it may be available.
- Australia has a progressive tax system, the more you earn, the more tax you pay. You can earn up to $18,200 in a financial year and not pay tax. This is known as the tax-free threshold and after which, the tax rates kick in.
- You may be eligible for tax offsets or tax credits that reduce the amount of tax you pay or increase your refund.
- You may also be able to claim deductions for certain expenses that relate to your work or income. For example, you may be able to claim for work-related clothing, car expenses, home office expenses, donations, etc, these are monies you have spent in connection with your job.
- If you have a higher education loan or a Medicare levy, these will also affect your tax outcome.
- You may also have lots of questions and you can search our blogs, click the internal information bubbles or contact us directly.
Sounds complicated? There's no one that can make the complex stuff as simple as we can. So don't worry, be happy, we make it easy for you. Just visit our website at gotax.com.au and follow the instructions. We'll ask you some simple questions and fill out the forms for you. So give it a go.
And a bit about record keeping. Lesson number one: Keep your receipts. Lesson number two: Don't lose your receipts. Lesson number three: Download the Gotax Deduction Grabber App and keep all those documents in a handy little app for your phone:
So what are you waiting for? Lose your tax virginity with Gotax today and enjoy the benefits of a hassle-free and rewarding tax return.
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