MyTax: What A New Business Start Up Needs To Know

Have you recently established a new business start up in your local community? You might have come across filing tax returns and have a hard time finishing off the task.

Here’s a good news you should know!

The Government have announced the roll out of the new MyTax system. Users all over Australia will be receiving text messages to inform them about their tax returns.

What is MyTax?

MyTax will enable tax returns to be submitted via smartphone, tablet or on a computer through a web browser (i.e. Internet Explorer, Chrome, Firefox & Safari). MyTax will PRELOAD much of the information required on the return. This means that millions of Australians will simply have to review and modify (if required) the pre-filled information online before lodging their return – bypassing the need for paper, pens and software downloads.

Can I use MyTax?

Millions of Australians will likely be eligible to use MyTax. According to the Federal Government’s media release:

Taxpayers will be able to use MyTax if:

  • they were an Australian resident for the financial year;
  • they have income only from salary, wages, allowances, bank interest, dividends and/or Australian government payments;
  • their only deductions are for work-related expenses, expenses related to interest or dividend income, donations and/or the costs of managing their tax affairs; and
  • the only offsets they want to claim are the senior and pensioner tax offset and/or zone and overseas forces tax offset.
  • Taxpayers will receive an SMS or email from the ATO advising that MyTax may be right for them.

Taxpayers are ineligible to use MyTax if they have:

  • business income or losses
  • rental properties
  • partnerships or trusts, including managed investment trusts
  • capital gains or losses
  • foreign income
  • lump sum payments
  • employee share schemes
  • superannuation income streams and superannuation lump sum payments

It’s important to note that to be eligible you must adhere to ALL the pre-requisites, however, if they fall under ANY of the ineligible factors they cannot use MyTax.

See the full media release here

 

Do I still need accounting services?

First and foremost, if you are not eligible to use MyTax it would still be beneficial for you to have a trusted accountant. Even if your tax return is relatively straightforward, effective tax planning can ensure that your tax return outcome is maximised to keep more money in your pocket. MyTax is an incredible improvement for tax lodgement. However, we want to make sure that you are financially fit and ready for anything.

I’m pretty sure I can use MyTax – Should I?

Before you jump in with both feet, have a quick chat with us to ensure your needs are completely covered by MyTax. If MyTax is all you need we’ll likely recommend using it as according to the ATO MyTax is supposed to be quite easy to use. However, easy doesn’t always mean that it’s the best, for example, MyTax may not claim ALL valid deductions, without the help of a skilled tax accountant you could be missing out.

my Tax

BMG ACCOUNTANTS
Suite 3, 15 Bungan Street, Mona Vale 2103| P: (02) 9979 5033
Email: info@beale.net.au

 

 

This article is provided as general information only and does not consider your client’s specific situation, objectives or needs. It does not represent accounting advice upon which any person may act. Implementation and suitability requires a detailed analysis of a client’s specific circumstances. © 2014 ChangeGPS Pty Ltd