• • A tax return is a document you submit to the tax authorities (such as the Australian Taxation Office, ATO) that outlines your income, expenses, and other financial details for a specific period (usually a year).
  • It helps determine how much tax you owe or if you’re eligible for a refund.
  • Keep in mind that the new rates do not apply for the 23-24 financial year
  • Although you can submit your tax return from 1st July, it isn’t due until the 31st of October (possibly later if through a tax agent)

Lodging Your Tax Return: Options

1. • DIY Online via myGov (myTax):
     • Advantage: It’s free! You can use the ATO’s online tool called myTax through your myGov account.
     • Considerations: It can be time-consuming and complex if you’re unfamiliar with tax rules.
   • Using a Tax Agent:
     • Advantage: Tax agents are experts who navigate the tax system for you.
     • Benefits:
       • They identify more deductions you might be eligible for.
       • They handle complexities like investments, rental properties, and crypto holdings.
       • Cost varies, but it’s claimable next year.
     • Beware: Avoid sneaky online platforms that mimic the ATO – they charge fees.