My tax and e-tax: what’s changing?
As of July 1 2016, the Australian Taxation Office (ATO) migrated its tax lodgement system from e-tax across to My Tax.
My Tax is a more simple and intuitive system that will automatically populate your key credentials, employer and government agency related information to make it quicker and easier to lodge your tax return.
My Tax is web-based, meaning you no longer need to download anything and the portal is easily accessible across a range of devices.
Considering e-tax was launched in 1999, My Tax is a welcome change that will greatly reduce the time it takes to lodge your tax return, thanks to these automation updates.
According to the ATO, My Tax can be used even if you have capital gains, investments and rental properties or if you are a sole trader.
When you lodge your return with your tax agent or accountant make sure you have your updated BAS statements and you have reconciled any accounts. We can help with preparation of business records for end of year/tax reporting.
