Trainee Tax Returns Made Easy
Filing your tax return for the first time can be scary, especially as a trainee starting your career. However, with a few simple tips, you can navigate the process smoothly.
All trainees who earned income between July 1, 2021, and June 30, 2022, need to lodge a tax return.
Here are six essential tips to help trainees complete their tax returns confidently.
1. Gather and organise your documents:
Collect all the necessary documents before filling out your tax return. These may include payment summaries, bank statements, receipts for work-related expenses, and other relevant paperwork. Organise them systematically for easy access and reference.
2. Keep track of work-related expenses:
As a trainee, you may have work-related expenses that can be claimed as deductions on your tax return. Keep a record of these expenses throughout the year, such as textbooks, uniforms, travel costs, or subscriptions. Ensure they are genuine and directly related to your work to avoid penalties.
3. Seek professional guidance if unsure:
If you need clarification on certain aspects of your tax return, consider consulting a qualified tax agent or accountant. They can provide valuable insights, ensure accuracy, and maximise your tax refund. They can also guide you on specific trainee-related deductions and complex tax matters.
4. Leverage online resources:
The Australian Taxation Office (ATO) offers online resources to assist trainees in completing their tax returns. This free tax help program provided by the ATO can help. Check it out at https://www.ato.gov.au/Individuals/Your-tax-return/Help-and-support-to-lodge-your-tax-return/Tax-Help-program/
5. Lodge your tax return on time:
To avoid penalties and unnecessary stress, make sure you lodge your tax return by the deadline, which is typically October 31st for most individuals. Remember that early lodgement can result in receiving your tax refund sooner.
6. Lodgment options:
You have several options to submit your tax return, including:
· Lodge your tax return online with myTax: Prepare and lodge your tax return online using myTax, a quick, safe, and secure method. You must create a myGov account and link it to the ATO.
· Lodge your tax return with a registered tax agent: Use a registered tax agent to prepare and lodge your tax return. They are the only ones authorised to charge a fee.
· Lodge a paper tax return: You can use a paper tax return and lodge it by mail. Refunds typically issue within 50 business days.
Filing your first tax return as a trainee doesn’t have to be overwhelming.
By following these six essential tips, you can tackle this process with ease.
Good luck with your first tax return!
You’ve got this!
With over 29 years of experience providing quality job opportunities and launching the careers of thousands of young Australians. AFL SportsReady offers diverse and thrilling opportunities that could take your career to the next level.
Whether you’re just starting out in your career or looking to take it in a new direction. AFL SportsReady has something to offer. With a commitment to quality training and support. You can be sure that you’ll have the tools you need to succeed.
Or follow us