TAX OFFICE RETIRES E-TAX FOR FASTER SYSTEM

Written on the 6 June 2016

TAX OFFICE RETIRES E-TAX FOR FASTER SYSTEM

ALL taxpayers will have to switch to myTax this year after the Australian Taxation Office shut down its legacy online lodgement tool e-tax.

The ATO upgraded the replacement tool over the past year to make it suitable for any Australian lodging their own return regardless of their tax affairs.

First introduced in 2014, myTax reduces the time it takes to complete a return and can be accessed on smartphone, tablet or computer.

There was a 70 per cent increase in the number of people lodging through myTax to 1.75 million in 2015.

Assistant Commissioner Graham Whyte says some trepidation about the switch is natural, particularly among users of e-tax since its launch in 1999.

"Over the past few years we've been seeing around 3 million Australians prepare their own tax return using either myTax or e-tax, so we're hoping to see 3 million myTax lodgements in 2016," Whyte says.

"For example, not only will Australians with rental properties be able to use myTax this year, but they will also be able to take advantage of the fully integrated tools and calculators. One of these new tools allows property investors to record depreciation and capital gains.

"What we would say to those who are a bit unsure about myTax is to give it a go, you'll probably have your tax return lodged in a fraction of the time."

Around 74 per cent of Australians seek the assistance of a tax agent to lodge, according to the ATO.

"For anyone thinking about using a tax agent for the first time or a different one to last year, it is important to contact them before the end of October to meet their lodgement dates," Whyte says.

"It's also important to ensure you use a registered tax agent, only a registered tax agent can charge a fee for doing your tax return. A list of registered tax agents is available on the Tax Practitioners Board website."

MyTax will be available from July 1.

 


Latest News

PETER BEATTIE: WE CAN TURN A $1B 'PROFIT' ON COMMONWEALTH GAMES IF BUSINESS GETS ON BOARD

PLAYING host to a major sporting event is often regarded as a guaranteed way to lose money, but the 'face'...

SUPERLOOP BREAKS NEW GROUND TO LAUNCH LATEST FIBRE NETWORK

SUPERLOOP'S already vast fibre cable network just got bigger through the addition of TKO Express, the only fib...

SA GOVERNMENT APPOINTS ESCAPENET TO DELIVER ULTRA HIGH-SPEED INTERNET

THE South Australian government has appointed Adelaide business EscapeNet to deliver a $7.6 million ultra high-spe...

CAIRNS COUPLE DIVE INTO THE SHARK TANK AND CONVINCE FELLOW 'BOATIE' GLEN RICHARDS TO WORK WITH THEM

THEY'RE a husband and wife team with an invention that can help save the Great Barrier Reef, and lives, and Pe...

Related News

CAIRNS COUPLE DIVE INTO THE SHARK TANK AND CONVINCE FELLOW 'BOATIE' GLEN RICHARDS TO WORK WITH THEM

THEY'RE a husband and wife team with an invention that can help save the Great Barrier Reef, and lives, and Pe...

DOWNER EDI GRABS MORE THAN 50 PER CENT STAKE IN HOSTILE TAKEOVER TARGET SPOTLESS

DOWNER EDI Limited (ASX: DOW) now holds more than 50 per cent of Spotless Group Holdings Limited's (ASX: SPO) sha...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter