Tips for Filing Tax Returns and Refunds

Each year, over millions of people, file for tax returns. Many manage to get their refunds without a problem, but there are some who have run into problems like unwanted delays. The government has made filing for tax returns as convenient as possible for citizens and residents. However, not everyone is aware of certain silly mistakes they could be making. If you want your tax return to proceed without a hassle, here is a number of useful tips to follow:

File Online

There’s no reason you shouldn’t file your tax return online unless you are an octogenarian. The Taxation Office recently launched the myTax online facility, which you would certainly benefit from. There are also other private online services that may offer better facilities for a fee. When you file your return over the web, you will receive your tax receipt and assessment directly to your account’s inbox without delays. It’s the best way to file for your refunds.

Provide Pre-Fill Tax Information

If you employer is proving pre-fill information to the Taxation Office, don’t opt out. Then the Taxation Office has your information, it will send out a form already filled out. You only have to double check the information and send it back by early August. It’s easy as that.

Know the Deductions You Qualify for

Are you sure you know all the deductions you qualify for? The government offers deductions for charity donations, certain gifts, travel expenses, self-education, home office expenses and even for certain types of tools. Read through the deduction information provided online by the Taxation Office. See if you qualify for any before you file your tax return. If necessary, you can consult with a tax lawyer or a personal finance non-profit.

Avoid Errors

Errors made by those filling out forms are the major reason why tax returns are delayed. So, re-read the form you fill out to make sure all the information is correct. Do spell your name right and double check the TFN. Other mistakes include incorrect bank account details, birthdates written without the month or date, leaving details blank and using the Additional Information space to provide crucial information. Do not lodge duplicate tax returns. Don’t deliberately exclude your income, second job details or details about your spouse. Provide all the requested information accurately and as comprehensively as possible to get your tax return on time.

Know What’s New

Tax law and rules sometimes undergo changes, and you should be aware of these as they affect your return. For example, one can no longer claim a mature-aged worker tax or a dependent spouse tax offsets. Read the news and visit the Taxation Office’s website to educate yourself regarding changes before filing your returns.

Admit Mistakes without Delay

If you have made a mistake on your tax return after it’s been filed, notify the office right away. If you admit a mistake has been made, you can pay the amount you owe without a penalty. However, if once the office goes through your form and spots a mistake, you will have to pay a penalty. Also, tax returns filed after the deadline on October 31 receives a penalty.

If your file your returns accurately and on time, you should receive your claims without a problem.