Prep your tax return in just a few clicks.
Get started with these 4 simple steps.
There are few certainties in life, and one of them is taxes. When it comes to tax time, many of us would rather put off doing our taxes than cross them off the to-do list.
But did you know, most Australians on average receive $2,571* from their tax return? That’s why it’s worth taking the time to prepare and do them properly. To help make things easy, here are a few simple steps to get you started.
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Important things to consider before you get started on your Tax Return
Work from home?
You can choose between the government’s default amount or manually add up your costs. This year, due to the Coronavirus pandemic that has resulted in a large percentage of the workforce working from home, the government has simplified the requirements, so employees working from home since March 17 2020 can claim 80 cents per hour worked to cover all their running expenses. For example, if you work 40 hours a week, you can claim a deduction of about $32 for that week.
Receiving your Tax Refund
Whether it's online, by mail or registered accountant, your tax return should be lodged by 31 October 2020. If you qualify for a tax refund and nominated your Westpac account on your tax return, any tax refund will be deposited directly into your account.
Things you should know
This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it.
*As cited in the Taxation statistics 2016–17 publication available here.
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