New financial year means getting your tax money back.
If you’re planning on doing your tax return online, download the e-tax software from the ATO website. Remember to check for updates once you’ve run the software.
If you want to find out your individual taxable income, visit the ATO’s individual income tax rates.
Here’s some basic things that you will need while doing your tax return online.
- Tax File Number (TFN)
- Group Certificate showing the total gross income you’ve earnt and the total tax amount you’ve paid
- Bank account details
- Documents of your previous tax returns (notice of assessments)
- Medicare card and documents
- Private health insurance documents
- Deductions documents (i.e receipts)
- Investment documents
Remember, the earlier you do your tax return, the sooner you will get your money back if eligible.
Unfortunately, if you are like me and you’re not very good at doing your deductions and tax offsets, perhaps its best to see a tax accountant to do your tax return for you.