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

1700 BRISBANE APARTMENTS NOW MANAGED BY FORTUNE 500 COMPANY JLL

MULTINATIONAL and Fortune 500 company JLL (NYSE: JLL) has expanded its Australian dominance in the property managemen...

HARVEY NORMAN HITS OUT AT 'FALSE NEWS' OF ASIC INVESTIGATION

RETAIL giant Harvey Norman (ASX: HVN) has vehemently rejected reports its accounts are under investigation by ASIC, s...

RARE GOOD NEWS FOR SLATER AND GORDON AS ASIC CLOSES INVESTIGATION

ASIC has cleared Slater and Gordon of deliberately falsifying its accounts after a three-month investigation.

It s...

Q & A WITH FACEBOOK GURU ANDY MCKEON AS HE JOINS AUSTRALIAN SOFTWARE COMPANY LIVETILES

HE was creative director at Apple under the legendary Steve Jobs, and is now a senior Facebook executive. In his n...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter