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How to Lodge a Tax Return for The First Time

Lodging a tax return may be terrifying. But being ready for the tax return will make it easy. It is always stressful for the business regardless of its structure or size. If you have to hire someone to file the tax return, you will play the safer side. It would be a challenge for small businesses or entrepreneurs.

Before filing the return, it is better to know how to lodge a tax return. Here we will discuss the type of taxes and the amount you pay to ATO. If you are a resident of Australia, your salary or income needs to lodge in a tax return. And while filing a tax return, disclose all your amount. If you are an employer, you need to file your tax return. 

What Does a Tax Return Mean?

A tax return covers any income and expenses from the financial year, starting on July 1 and ending on June 30th. When you pay the tax return on all the amount- you receive. When you receive your salary, your employer will deduct the tax amount and send it to ATO on your behalf. This is known as pay-as-you-go (PAYG). You should pay your tax and superannuation if you are a self-employed contractor and use an Australian Business Number(ABN).

You have to lodge your income tax on 31st October to ATO. There are many ways to lodge a tax return Australia. There is also an option to lodge a tax return online Australia. When you will complete your tax return, ATO will check your income, expenses, and deductions. 

Things to Know Before Filing Income Tax Returns

Filing Income Tax Returns

Here is some information regarding the filing of the tax return

  • Your TFN (Tax File Number)
  • Statement of your income, which can be accessed by myGov, which is available online. It will be provided by your employee.
  • Summary of the interest earned in your bank account.
  • Statement of your private health insurance.
  • Child support payments detailed.
  • Charity donation receipt.
  • Work-related expense receipt.
  • Account number or BSB for a tax refund. 

If you are lodging a tax return for the first time, you need to know all the things related to it. To make your return process easier you need to be organised. The ATO will have some information regarding your return which will directly download into your return, such as income statement, private health and Centrelink payments.

You Can lodge Your Tax Return – yes, you heard it right. You can file your tax return, or you can hire a tax agent. If you do not know about Australian tax returns, you feel like it’s a whole paperwork process. You can take the assistance of a tax agent. 

They will charge fees for their work, but the amount is tax deductible. 

You can take your income back when you file your tax the following year. Hiring an agent will be worthwhile, as they complete your task efficiently. And if you file it on your own, it will be very quick than another process. Make an account on myGov, then file while using the myTax tool. This app is so efficient that you do not fill in any document. 

What Happens After Lodging a Tax Return?

On the tax return is filled with ATO they will send you a Notice of Assessment. They will tell you about your return. It’s vital to keep your NOA and the data you use for your account. It is important to remember it because if ATO calls you for verification, if you apply for a loan, or if you file a tax return online. 

How to Fix a Return if Any Mistake Occurs?

It is important to check your return before sending it. It is not necessary who has filed it. The most important thing is how it has been filed. As you will be held responsible if anything happens. If you find any mistake after lodging the return, you can file an amendment form. Your accountant, tax agent or financial advisor will help you in the process.

Who Can Pay The Tax Return

  1. Sole Trader of a Company– a sole trader runs small businesses on their own.  In this form, the company and the trader are a single entity. In which you don’t have to pay for your company separately. As a sole trader, you do not require ABN. You have to lodge your income tax on the 31st of October to ATO. ATO lodges the tax return and accesses the details filled in by you. You can also do it online the myTax tool.
  2. Partnership Firm – partnership means when two or more people come together and runs their business. In partnership business, you will require a separate ABN number. And as a part of your business, you have to pay tax. Tax will be the net income of the business deducting the expenses. In partnership, by using the online portal myTax tool, each partner should file a return.
  3. Companies – every company has to pay the annual tax return. There is a government-set tax rate for companies. You have to pay the exact amount from that set rate. In the tax return, all the shareholders and members have to declare their income. 

What are The Methods For Lodging Your Tax Return in Australia?

Lodging Your Tax Return in Australia?

There are several methods for lodging your tax return in Australia.

1. Online 

You can also lodge an Australian tax return online.

A) Personal Tax

There is an online tool myTax. This tool is powered by ATO and managed by myGov. You have to sign in to your myGov account and link it to ATO if you are using it for the first time. myTax tool is for people, whether you’re a sole trader, business partner, or board member in a company.

ATO has created a tool called my deductions. This tool will help you to track all your income and expenses. It is open as a mobile app, and you can also record your invoices, receipts, deductions, and fees throughout the year. When it is time to file your return, you can instantly upload them to the myTax system.

B) Business Taxes

To lodge a company tax return, such as a trust or company. Standard business reporting complies with the software which can be used online. Standard business reporting is the guideline for the company.

Many Australian suppliers have built SBR-compliant features into their platforms. You can log in and finish your tax return accordingly. To communicate with the ATO (government organisation), you need to create machine credentials. The Relationship Authorization Manager, or RAM, can be used for this.

2. Tax Agent

Everyone who is operating a business has to hire a tax agent Perth to file a return. With the help of a tax agent, it becomes convenient for a company to file a return. If you hire an agent means you are authorising a person to act on your behalf. Though they perform on your behalf it’s your responsibility to provide the correct details. A tax agent will examine your financial statements, inform you about tax liability and file your return. 

There is a benefit to appointing a tax agent. They fall under a special category that enables them to file a return after 31st October. Update your tax agent in advance so that they get enough time to work. Your  tax agent has to be registered with the Tax Practitioners Board (TPB)

3. Paper

There is also the option of filing tax in physical form. Some people are comfortable with a paper form. They prefer to file in the old way. To file in physical form, download the form, fill it up and send it to ATO in your capital city. 

Ordering Online Tax Form

Following are the two forms which are available online and from the ATO publication service, you can also order.

ATO also assist if you require any help. It will take approximately 50 days to file a tax return.

  • Business and professional items – if you have income from personal services, business profit and loss, or other non-commercial business losses. You have to file the tax on business and professional items. 
  • Individual tax – you have to include a supplementary section on your income from a partnership, trust and capital gains. 

Find Help From A Registered Tax Agent

Registered Tax Agent in PerthIf you want a tax dealer to lodge your tax return. Many tax agents in Australia can help you file tax returns. They have an adaptable, quick and easy online portal. 

They are safe to upload documents. You can securely upload your files. They have experts who file your return. They help in maximising your return. They will assist you in all manners. 


You should not take stress to file your tax return. If you feel, contact a tax agent. Contacting them is the simplest way to complete your work. To avoid confusion and tax bills, you have to organise all your records of the company.

Fulltime employers can also fill out an online form, they will find it easy. Your tax return process will be easier if your TFN and super account are linked to your myGov site. We hope that this article provides you with a fundamental understanding of how to file a tax return. 

Read More: How Long Does Tax Return Take in Australia

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