Australian tax returns cover the Australian financial year from 1 July to 30 June.
According to the Australian Tax Office’s (ATO) official web site, if you’re lodging your own, they are due by the 31 October.
What is myTax?
MyTax is an online portal which facilitates to lodge your tax return.
It can access through the ATO web site.
It is the quick, easy, safe and secure way to lodge your tax return online.
You don't need to download any software or any file since It's web-based.
You can use range of devices including a computer, smartphone or tablet to lodge your tax return.
According to the ATO web site, to lodge your tax return through online, you need a myGov account linked to the ATO.
MyTax replaces e-tax and can do everything e-tax could do, plus extra things it couldn't.
From 2016, myTax is available to all individuals completing their own return including sole traders.
What are the benefits of lodging with myTax.
- ATO says, most information from your employer, bank and government agencies will be pre-filled by late August. Therefore, you’ll have a quicker and easier experience at this time.
- ATO uses a range of systems and controls to ensure that your information is protected.
- You can lodge your tax return at your convenient time, since MyTax is available 24/7.
- You get your tax refund faster. ATO web site stated that it is generally within two weeks.
- You can upload your myDeductions data to prefill your tax return.
How to track your tax refund ?
Ms Inoka Fernando is a senior accountant and taxation agent in Melbourne.
She said to SBS Sinhalese that once you have lodged your tax return, ATO will issue a notice of assessment.
This mentions you whether you're entitled to a refund or if you have a tax debt to pay.
“If you have a myGov account linked to the ATO, your notice of assessment will be sent to your myGov Inbox. You will receive an email or SMS telling you when it’s there.” Ms Fernando stated.
When will you get your tax refund?
If you lodge your tax return by online, it will normally processed in two weeks.
Paper returns are processed manually, taking 10 weeks.
Once you have lodged your tax return, you can check its progress through your myGov account at any time.
If you provided valid Australian financial institution account details in your return, any refund will be paid directly to your account.
Source: ATO
Ms Fernando said that if your return is delayed, it may be for a number of reasons.
She said some of the mistakes are mostly common among the tax payers.
- you currently have a debt with ATO
- you have recently lodged returns for previous years, either on their own or with the current year's tax return
- you are under an Insolvency
- ATO need to check information with other Australian Government agencies such as the Department of Human Services
How do you amend your tax return after the lodgement?
Once you have lodged your tax return, you want to correct something or add something.
If that so, you can amend your tax return by accessing ATO’s online services using your myGov account.
You can request an online amendment for 2016 and 2015 tax returns regardless of how they were lodged such as myTax, e-tax, a tax agent, or paper.
If you lodged with myTax, you can amend your tax return or fix mistakes straight away.
ATO web site stated that online amendments are generally processed within 20 business days.
