Now that the season of lodging income tax is fast approaching, many among us are once again reminded to be meticulous and prompt enough in the lodging of our income tax returns. The “fiscal year” or what we commonly refer to as the “financial year” starts on the 1 July and ends on the 3oth of June of the coming year. Anyone, therefore, who has taxable incomes, should be wary of not lodging one’s tax return because one may incur penalties for not lodging it. The lodging season for tax returns starts right after the end of the fiscal year which is on the 1st of July and is due on the 31st of October, giving taxpayers ample time to lodge their income tax returns. Likewise, the previous inconvenient ways of lodging income tax returns has been made easy with the introduction of the electronic lodging system several years ago.
The new electronic system is indeed very convenient, easy, cool, and secured. This means that you don’t need to lodge your form directly to the ATO office or via the tedious way of mailing your form. Online, you can easily create a myGov account and fill out the form. You can review the form several times as long as it is not yet the 31st of October, for by then, you might be running out of time. There are two options for lodging your online form: you can either make use of myTax or you can utilize the etax software. If you go online and visit the website of ATO, you will be guided as to which between these two options is the appropriate one for your tax affair. Through a series of questions that you have to answer, you will be helped in figuring out the option that you need to choose. If after answering the series of questions, you are directed to use the etax option, you will also be guided on how to download the etax software.
There are specification requirements, however, for your computer and connection to perfectly download the software. Additionally, for window users, the procedures are simple: first, you got to right click on the given links on the website. Then, you have to select on the menu the “Save target as” option. A dialog box will appear. You can select the location within your computer on which you want to save the file. Then, you can click on “save.” Afterwards, on the location where you have saved the file, you can click on “etax2014_msi.” You should follow the instructions on the screen to readily install the program. Likewise, there are options such as: if your vision is impaired, you should select the option of “vision impaired” while installing the software. Then, the computer will prompt you to allow the installation of the e-tax software. You simply have to click “accept” and then click on “continue.” Then, you can fill out the form once the installation process has been completed.
The new system of lodging income tax returns is indeed very helpful to taxpayers by allowing them to lodge their income tax returns conveniently, easily, anywhere, and anytime.