How do tax returns work and what do i do?

Question

i am new to the tax world and need to know how to go about putting in a tax return.. can anyone help?

Answer 1

You can either file a tax return yourself via the ATO website or visit an accountant who will be able to do it for you.

If you use an accountant it will probably cost you in the region of $150 to $200 - the accountant would automatically deduct this figure from your refund (assuming you are entitled to one - which I assume you probably will be).

If you do it yourself it will be free.

I recently did mine on the ATO Website and received my refund in 7 days.

My advice would be to visit the ATO website and download the ETAX software first and have a go yourself - it does a pretty good job of guiding you through the process - it's not too difficult.

If you find it all too confusing then you can visit an accountant.

Answer 2

Well, when you work you get tax taken out of you pay each week. It goes to the goverment. Even when your a teen and you first start working you will get payed tax, having a tax file number is free and is a must, and reduces your tax. If you earn less than 6,000 dollars than you get every cent back when its time to file a tax return. Basically, depending on the amount of money you earn, you'll get all or some of it back. You get a group certificate from your employer, usually mailed to you and then it tells you how much tax they took out. You then can fill out a tax form online, or go to newsagent and get a tax pack, and a tax pack explains how to fill it out easier. Then once mailed or done online, it about 2 weeks usually you'll get your money back.