22 July 2016

ATO’s Top Five Tax Tips

Tips to help you get a handle on your life admin this tax time.

If you’re working while you studying, the odds are you’ll have to lodge a tax return, and thanks to help from the Australian Taxation Office (ATO), tax time is now simpler than ever!

Here are the ATO’s top five tips on preparing your tax return.

1. Register for myGov and link to the ATO

myGov gives you access to many government online services in one place. If you don’t already have a myGov account, it’s easy to create one! Just visit my.gov.au to create your account. Once you’ve set up your myGov account, you can link it to the ATO.

2. Use myTax for a quick and easier tax return

Once you’ve linked your myGov account to the ATO, you can use myTax to lodge your tax return online. myTax is super easy to use – and if you wait until August it even automatically pre-fills your details for you! All of your information is protected, you can access it at any time on a range of devices and you’ll generally receive your tax return in two weeks.

3. Declare your fair share

It’s possible you may be part of the sharing economy without knowing it. If you earn money from odd jobs such as transporting passengers or renting out a room or house, it counts as assessable income and you will need to declare it on your tax return.

4. Beware of tax scams

Scam emails, faxes, SMS and phone calls can look or sound very convincing. You can generally tell they’re not genuine if they offer you an unexpected refund or ask you to provide personal information, credit card information or money. Remember - the ATO will never email you asking for personal or credit card details.

5. Consolidate your super

Having multiple super accounts can mean that multiple fees are chewing up your money - the ATO says you could be paying more than $500 in fees annually!

Instead of paying all of those fees and struggling to keep track of your accounts why not consolidate your super into one account? MyGov keeps track of all your super accounts and lets you easily roll them into one account if you want to as well.

To find out more, visit the ATO website.

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