As an established contractor, you’ve probably already got your Tax File Number and Australian Business Number in place. As long as you’re organised, you’ll be putting money aside each payday for your tax and you’ll be making regular deposits into your superannuation investment account.
But are you making your tax lodgement as quick and simple as you possibly can?
The Australian Taxation Office has developed the myTax portal, which lets you build your tax profile as you go, then lodge your completed tax return online.
It’s a simple process that ensures your lodgement will be turned around quickly and that you’ll receive a breakdown of your expected refund or payment required soon after, so you can plan accordingly.
The great thing about managing your tax with myTax is that most of the information from your employers, banks, government agencies, health funds and any other third parties will be pre-filled by mid-August, ahead of lodgement date.
Additionally, myTax has a handy myDeductions app to use during the year to keep all your expenses and deductions, vehicle trips, income records (if you’re a sole trader) and photos of invoices and receipts in one place. Again, this app will pre-fill your tax form ahead of lodgement date.
Importantly, being a government service, the site is safe and secure, and you’ll receive an email receipt of your lodgement straight away, so you can relax knowing everything is in process…. Even better, if you’re due for a refund, you’ll get it faster than you would have, had you lodged through a registered tax agent!
It’s Not Too Late to Start
The financial year is well underway and the tax lodgement deadline for sole traders is 31 October. However, it’s not too late to start using myTax. Simply download the apps and start loading up your information. The apps will do the rest.
If you’ve got too much on your plate to manage myTax, don’t worry. The Ayers Group can manage all your administrative and legislative compliance, so you can focus on your contracts.
As a PAYG contractor with the Ayers Group, you’ll benefit from free standard tax returns (once your contract exceeds six months), along with other great benefits, like automatic cover for workers compensation, public liability and professional indemnity insurances.
You’ll also have access to our network of experienced accountants and finance specialists who can advise you on salary sacrificing, car novated leasing and more.
Building wealth is easy when you know how – contact an expert from the Ayers Group today.
Ayers Can Help You Find a Solution.
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