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What do you need to know about myTax service?

The ATO (Australian Tax Office) has launched the new myTax services. It was said that it would help the customer reduce the time taken for filing tax and also makes the process easier.

Similar to the current service

There are a few features which are similar to the current service. It has the ability to help you pre-fill the returns based on the information collected from the previous returns. It also helps to gather information from the employer, bank and other agencies.

New myTax service

The actual launch is in August 2014. It is said that it has only 10 screens to help you review your tax returns easily than ever before.  This service is helpful to people who have a wage income and the deductions are related to the income.

If your tax matters are more complex than just a salary and expenses, then, this service is not for you. Thus, for business, trust, partnership and registered tax agent might not find this service, helpful.

Advantages of using online services

It is simple, easy and reduces manual errors. Just like any other computer process, it is faster and thus, people are more motivated to use this service. If you lodge a return, you would receive the refund in just 12 working days. This is something which cannot be achieved with papers. There are chances for your paper getting misplaced, lost and the manual process would take a lot of time.

Pick the right tax agent

If your tax problem is complex and if you require a tax agent to help you then you cannot use this service. You can also use the help of the Australian Tax Office Tax help. When you are choosing the tax agent, make sure that he is a registered agent. Learn about the standard fee, before you start working with the agent.

The tax agents can lodge the returns after 31st October. However, if you have not used a tax agent before or if you are planning to change the agent, it is important to meet them before the deadline. There are many people who feel that it is better to file in paper and the ATO is ready to receive them through the mail. You can obtain the copy of the tax return from the ATO. Do not plan to save a few dollars and hire a cheap tax agent. He is someone who would help you get back a considerable amount as returns and do not take chances in this area.