It’s always a fun thought thinking you could get a big tax refund in your tax return each year. According to recent news, the average tax refund for Australians is $2,600. That’s nothing to scoff at!
But how on earth do you even lodge an online tax return? Can you lodge early tax returns in Australia? You might be wanting that refund now to start a project or finance something before the end of the financial year.
There are so many different elements and potential penalties and points of confusion. You will want to make sure you don’t get anything wrong at tax time because it will waste your time and money. We recommend you use an online tax agent to make sure you’re not missing anything.
However, if you’re still wanting to have a go at your own online tax return at the end of this financial year; here is what you need to know if you want to submit your tax return early this year.
Can You Submit Your Tax Return Before The End Of The Financial Year?
The short answer, yes you can. The long answer, no. If you are wanting to submit your tax return early, there are two criteria you have to qualify for:
- You ARE NOT an Australian resident for tax purposes, and:
- You are leaving the country permanently
- You will no longer be receiving income in Australia
- You ARE an Australian resident for tax purposes, and:
- You are leaving Australia
- Will no longer be an Australian resident for tax purposes
- Will no longer receive income other than dividends and interest payments
If you meet any of the points listed above, you can probably lodge your tax return early. If you are not sure, you can ask a professional here.
Why WOULD You Want To Lodge Your Tax Return Early?
If you are thinking about why you might like to submit your tax return early and collect your tax refund, here are a few reasons why:
- Cash is king (worth more now than it is later)
- You will be able to afford a project/investment you wouldn’t otherwise
- Money to survive on if you are no longer receiving income
Why WOULDN’T You Want To Lodge Your Tax Return Early
When dealing with anything tax related, or with the ATO, you want to be very careful. Here is why you wouldn’t want to lodge your tax return early:
- The further out from the end of the financial year you are, the more likely there is a mistake in your PAYG (pay as you go) summary from your employer
- If there is a mistake, you may come across penalties and fines from the ATO
We recommend using an online tax agent to lodge your tax return. If you need advice, it’s easy to obtain it from an online tax agent and they will advise you if you should submit your tax return early, and the best way to do it.
How Can You Submit Your Tax Return Early?
If you are wondering how, and you want to submit your tax return early, you will need to get in touch with the ATO. You can either do this online with MyGov, over the phone, or with the paper form in person.
We believe the easiest way is to, however, is to use and online tax agent and if required booking an online meeting to get the help of a professional to do it for you. This enables you to meet from the comfort of your own home and talk to a tax agent that is on your side.
When Can You Submit Your Tax Return Usually?
In Australia, you can submit your tax return as soon as it is the new financial year on July 1, 2022. Usually this is a good way to get your tax return back early, simply submit it on the first day possible.
If you are wondering, how long does it take to get a tax return? Usually, it takes 10-14 days to receive your refund. So, if you submit your tax return on the 1st of July, you can have your tax refund back before July 14th!
Working From Home Expenses For Tax Deduction
An expense that you may be claiming for your tax deduction this year is a working from home expense. You can calculate everything you spent in order to operate out of a home office, such as; computers, desks, internet expenses, and more! Read here to find out.
Another method you can use is the shortcut method. This lets you claim back 80 cents per hour that you spent working from home.
Maximising Your Tax Return With An Online Tax Agent
The more you deduct, the less tax you pay and the more money you can spend on yourself. Clearly, you will want to deduct the most you can, and the sure-fire way to do that is with the guidance of a tax agent. If you can claim your tax agent/tax return fee back on tax, why wouldn’t you use one to minimise your tax?
One Click Life offers fast online tax returns at your fingertips in an easy-to-use platform run by industry professionals. Our machine learning guides you through the return and surfaces potential deductions to help guide you through the process.
Taxes, health insurance, and wills can be time-consuming and tedious. Our app allows you to be able to do this fuss-free, giving you a simple way to organise, track and manage all of your life admin in one place.
Let One Click Life take care of your tax return, and life’s essential tasks so you can spend more time doing the things you love.