Top Tips for Tax Time | Gotax tax

Top Tax Tips for Your Online Income Tax Return

With tax time looming, it's essential to prepare thoroughly so you’re ready to lodge your Income Tax return in July. Follow these simple tips to maximise your tax deductions and secure the maximum refund possible.

Index

1. Register with GoTax Online
2. Follow the ATO Rules
3. Use GoTax Online's eTax System
4. Don't Avoid Lodging Your Tax Return
5. Maximise Your Tax Deductions

Register with GoTax Online

Tip #1: Register with GoTax Online

Follow the ATO Rules

Tip #2: Follow the Rules

When claiming work-related expenses as tax deductions, adhere to the ATO’s three golden rules:

1. Spend the money yourself: Ensure you have spent the money and have not been reimbursed.
2. Direct relation to your job: The expense must be directly related to earning your income.
3. Keep records: Maintain records to prove your claims.

For more insights, check out our article on Top 5 Tax Deductions You Might Not Know About.

Use GoTax Online's eTax System

Tip #3: Lodge with GoTax Online

Throughout the year, you may forget work-related expenses or be unaware of claimable items. Many taxpayers in Australia miss out on significant tax deductions such as superannuation contributions and union memberships.

By using the GoTax Online Electronic Tax System (eTax), you can identify common deductions relevant to your occupation, ensuring you maximise your tax deductions.

Don't Avoid Lodging Your Tax Return

Tip #4: Don’t Avoid Lodging Your Tax Return

Failing to lodge your tax return can result in the ATO applying Failure to Lodge penalties, which are $210 every 28 days. Additionally, your tax records never disappear, and the ATO will eventually demand that you lodge your returns. Avoid these penalties and potential issues by lodging your return on time.

Maximise Your Tax Deductions

Maximise Your Tax Deductions

Wondering if you’re claiming everything you should on your tax return? With GoTax Online, you can be confident you’re not missing any deductions. We provide insights into common tax deductions within your occupation, ensuring you get the maximum refund possible.

By following these tips, you can effectively prepare and lodge your Online Income Tax return, maximise your tax deductions, and secure the maximum refund. For a seamless tax return experience, trust GoTax Online.

Lodge your tax return with GoTax Online!