It's Tax Time of the year again - Yipee!!. I know you're excited.
At Gotax we are here to help you get the most out of your online tax return at www.gotax.com.au. Whether you're an employee, a contractor, a student, a retiree, or anything in between, I can help you maximise your tax refund and minimise your tax stress.
Here are some things you need to know for this year:
There are some new tax changes that may affect your income and deductions. These include:
Changes to personal income tax rates and thresholds
Changes to work-related expenses and deductions
Changes to superannuation contributions and caps
Changes to low and middle income tax offset (LMITO) and low income tax offset (LITO)
Changes to Medicare levy and surcharge
Changes to family tax benefit and child care subsidy
- To make your tax return easier and faster, you should have all your income and expense documents ready. These may include:
- Payment summaries or income statements from your employers or payers
- Bank statements showing interest earned or paid
- Receipts or invoices for work-related expenses or deductions
- Statements from your superannuation fund or provider
- Statements from your health insurance fund or provider
- Statements from your investment or rental property income or expenses
- Donations receipts from charities or organisations
- Any other documents and receipts you need to claim your tax deductions.
- As you know the prefill option is available to download all your income for all those places you are making money.
We do that automatically at Gotax. But it's a good idea to have all the stuff above to to make sure the ATO has got it right.
The pricing of our services is very affordable and transparent. You only pay when you create your tax return, and the fee can be deducted from your refund. It's always cheaper and quicker to pay up front. Our pricing is readily viewable here: https://gotax.com.au/pricing
If you want to keep track of all your tax-related information throughout the year, you should download our Deduction Grabber App.
It's a handy tool that lets you:
Record your income, expenses, mileage, donations, and more
Categorise your transactions according to the ATO guidelines
Scan and store your receipts and invoices securely
Sync your data with your online tax return account and save time when you lodge