My Taxation

Most Adults submit a TAX Return.

Most Australians that are employed pay Income tax. This can be paid in several forms.

• PAYG Tax instalments paid as Salary Deductions
• Withholding TAX deducted from payments made to contractors and suppliers
• Direct TAX payments for assessed liabilities.

However because of the nature of the tax laws, a flat rate of deductions is calculated regardless of circumstances. This means taxpayers need to submit a tax return to be completed to claim any rebates and refund.

These returns traditionally have been done one of three ways:-

1. Paper Tax Return - Done by the Taxpayer
2. Paper Tax Return - Done by Authorised Tax Agent
3. Online e-TAX - Done by taxpayer

In the 2010 Budget handed down by the Treasurer Wayne Swan, it was announced that starting in 2011 , a new alternative will be introduced.
A so-called "ONE-Click Tax return" will be phased in, for all taxpayers. Unlike the existing and successful e-TAX that basically only replicates the paper tax return, the new online return is simplified to a few questions.
The biggest change is the universal flat rebate. This replaces the need for listing and calculating the various categories of rebates and allowances with a net rebate available to all. Set at an initial rate of $500 in 2011 and rising to $1000 in the future. Any one wishing to claim any more expenses can still use the old tax return.
This concept of simplified online returns is expected to be extended to business returns in the coming years.

Article Copyright 2010 by DJUQA Pty. Ltd.