Taxpayers’ tax returns are ready to be lodged, as more than 80 million pieces of information are available in pre-fill.
The Australian Taxation Office said much of the information it collects from employers, banks, private health insurers, share registries, and other institutions have now been loaded into people’s tax returns.
“While having this data ready to go cuts down time, taxpayers still need to check that their details are accurate and ensure any other information that hasn’t been pre-filled is manually added,” according to the ATO.
“For example, income from rentals, side hustles and the Pandemic Leave Disaster Payment from Services Australia will need to be manually added.”
Your employer will provide an income statement or payment summary that shows the amounts received and the tax withheld. If you had more than one employer during the 2021-22 financial year, you will have more than one income statement.
Now that tax returns are ready to be lodged, make sure your income statement is marked as ‘Tax ready’ by your employer before lodging.
When it comes to tax returns of small businesses, the Australian Taxation Office has given a warning that it will focus on three main areas when assessing the FY22 tax returns.
Once you’ve lodged, you can monitor the progress of your tax return through ATO online services, the ATO app or by phone.