Tax time can feel stressful, particularly if you’re not sure where to start.
Whether you’re lodging your first tax return, looking for ways to get organised, or just want to make sure you’re staying safe from scams, there are plenty of resources available to help.
We’ve pulled together a guide to make tax time a little easier.
New to tax? Start here
If tax is a whole new thing for you, it can be hard to know what you’re actually supposed to do.
Our Let’s talk tax blog covers some of the basics, including what tax is, why we pay it and what happens at tax time.
It’s a good place to start if you’re still getting your head around things like tax returns, deductions and Tax File Numbers (TFNs).
Build your money confidence
Our friends at the West Coast Financial Literacy Project have put together Money Confident: Your Guide to Earning, Saving & Spending.
The guide was created in collaboration with the West Coast community, but the content is relevant to everyone. There's everyday money basics, including information about getting a Tax File Number and lodging a tax return.
It’s designed to help build your confidence with money, whether you’re just starting out or brushing up on the basics.
Money Confident: Your Guide to Earning, Saving & Spending
Get organised
A little preparation can make tax time feel much less overwhelming.
Our 5 easy ways to make tax time less stressful blog has some simple, practical tips to help you get organised and prepare for your return.
From getting your paperwork together to keeping track of your expenses, a bit of preparation now can save you some headaches later.
5 easy ways to make tax time less stressful | Bank of us
Keep your records
Receipts, invoices and other records can be important when you’re claiming deductions. The ATO says you generally need to keep records supporting your claims for five years from the date you lodge your return. Records can be kept electronically, too.
The ATO’s myDeductions tool can also help you keep track of income and expenses, including photos of receipts and invoices.
Go to the source
When it comes to your tax return, the Australian Taxation Office (ATO) is the best place to find the latest information about your tax obligations, deductions and lodging your return.
You can also use myTax to lodge your return online if it’s suitable for your circumstances.
If you’re unsure about something, check the ATO website or speak to a registered tax professional rather than relying on advice you’ve seen online or heard from a friend.
Home | Australian Taxation Office
Need a little extra help?
You don’t have to figure everything out on your own.
The University of Tasmania Tax Clinic provides eligible taxpayers with free tax assistance and advice. The clinic can help with things including individual tax returns and more complex tax matters.
They’ve also put together some helpful Tax Time Tips, covering things like using myTax, keeping track of receipts and checking the information that has been pre-filled in your return.
Tax Time Tips from the Tax Clinic | University of Tasmania
If you’re unsure whether you’re eligible for help from the Tax Clinic, you can contact them to discuss your situation.
You could also talk to a registered tax agent and you may decide to hand your tax return over to them. While there is a cost, using a professional can make life easier.
If you're really concerned about your finances, a financial counsellor might be a good step to help you get back on track.
Watch out for tax scams
Unfortunately, tax time can also be a busy time for scammers.
Scammers may impersonate the ATO and send fake messages about tax refunds, outstanding payments or problems with your tax return. They may try to trick you into clicking a link, sharing personal information or making a payment.
If you receive an unexpected message about your tax, don’t click on links or share your details straight away. Stop. Check. Protect.
Our Scam Alert at tax time blog has more information about the warning signs to look out for and how to protect yourself.
Be 'Scam Alert' at tax time! | Bank of us
Take the stress out of tax time
You don’t need to know everything about tax to get started.
Getting organised, using trusted resources and knowing where to find help can make tax time feel a little more manageable.
So, whether you’re lodging your first return or you’ve been doing it for years, take a breath, get organised and make use of the resources available.
This is general advice only and does not take into account your personal circumstances.
