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Tax returns

Submitted by Ashen on Tue, 2017-08-01 18:32

 G'day gents and lasses.

Have been using the same accountant for the last 3 years and my tax returns have been dismal..

I'm thinking of lodging my own tax return this year. Has anyone done this, and any advice please? 

 

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still trying

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Date Joined: 27/06/17

I've done mine for years now

Tue, 2017-08-01 18:48

I've done mine for years now using H&R Blocks system extremely easy and now that I have used them before I don't have to fill out things that haven't changed my returns are simple, the misses uses same site aswell and hers are a little more lengthy with investment properties and stuff but very easy and way cheaper mine costs $50 know the mygov site is free but have never used it.

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 rather be fishing

Ashen

Ashen's picture

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Date Joined: 22/03/13

Thanks

Tue, 2017-08-01 19:46

Thanks for the info mate.  This years return will be slightly different from last year, because I'm working a second job on weekends. So will need to be "on the ball" with info provided for maximum return. Will have a look at H&R Blocks' webapp. 

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A fish in the hand is worth 10 in the water!

Dale

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Date Joined: 13/09/05

Tue, 2017-08-01 20:05

 I always do my own, got it back in 5 days this year.

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DTrain

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Date Joined: 10/02/12

I've always done my own, but

Wed, 2017-08-02 09:03

I've always done my own, but I just have a standard salary and nothing fancy to declare.

The new MyGov website makes everything really easy. It already had all my tax details prefilled, all I needed to do was answer a couple of questions and it was all done. Took me less than 5 minutes.

z00m

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Date Joined: 10/05/14

MyGov

Wed, 2017-08-02 09:45

The Mygov/tax office returns are awesome if you have relatively simple tax affairs. All of my income and investment information was already there. A quick review and badda boom all done. The missus and I sat down for 20 mins and we did both our returns.

Used to use etax which was pretty decent but the new way is excellent and much simpler. 

ricardothegoat

Posts: 3

Date Joined: 13/03/17

myGov all the way

Wed, 2017-08-02 11:05

As said above, myGov is brilliant if you have a simple situation - I'd define that as PAYG jobs, even investments and investment properties are still simple for the most part.
Its only when you start getting trusts/company distributions/self employed involved that it starts being more complex.
 
I find that the hardest thing with myGov is logging on....once you have done that its a breeze.
 
As long as your employers have done the right thing ie. given you a group certificate and sent it off to the ATO, the income  (PAYG and investments depending on what they are) section should just be a review and agree section.
Investment properties will need to be fully input but if you run straight off the owners statement you get from the managing agent at the end of the year, you will get all the numbers with the exception of finance costs (interest and bank fees), insurance and any maintenance costs you might have incurred rather than through the agent.
Have your private health disclosure statement handy and the system will do the rest.
 
If you have simple affairs, there really is minimal benefit in using an accountant in my opinion - any small tax break you might get from creative deductions (tip: do some research on work related expenses less than $300, clothes cleaning costs up to $150) is usually offset by the fee for service (which is also a deduction by the way).  
 
As an aside, dismal tax returns could just be a sign that the PAYG system is working as it is supposed to.  Your employer is withholding the correct amount of tax, and if you haven't had periods of unemployment or significant change to your payrate, don't have investment losses, donations or deductible work related expenditure to claim, you won't get much of a return at all.

Ashen

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Date Joined: 22/03/13

Thanks

Wed, 2017-08-02 15:59

Alot of good tips and advice.

Cheers all 

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A fish in the hand is worth 10 in the water!