ATO ETAX Guide
ATO ETAX Guide:
what is the first requirement from the ATO to use this FREE service?
The first step to using this software- ATO ETAX Guide – is to register for MyGov – which is the government online service.
you need to navigate to this address: MyGov-LogIn and what you will see is that this is an access point for many services provided by the department of human services. when there you must link the ATO to your MyGov Account after you are registered and activated (it takes time).
How to choose between the two?
Well, this part is easy, all you need to do is follow this tool from the ATO: online assessment tool.
As a rule of thumb: the MyTax option is easier and doesn’t require you to download any software and Install it onto your PC, it’s in the clouds, every year the ATO tries to help more groups in the population to be able to use it, but if you need more complex issues, you must use Etax, as the mandatory option.
Both options will rely on pre-filled data – in today’s world data is computerized, as such the ATO gets data from multiple sources, from your bank to government payment systems, to insurance companies and so on: this way all you need to make sure is that everything is right and according to your own personal records.
Etax who is it for?
This is the way to go if you want to lodge for FREE and get a better understanding of your financial position. (to be honest with you, when you see all sort of accountants agreeing to lodge your tax for $50 or so, and you say to yourself wow that’s cheap! the reason for that is because your tax report will take them no more than 10 minutes max, because they will use a tool quite like etax, and most of the data will be pre-filled.)
The software comes with a help file to build in to provide you the information you need in case you don’t understand a section in the report.
Pre-fill or manual?
Prefill is the way to go. why? because the ATO work in a way that he can check your data: if you say you made $100 from bank interest, but the bank reports $150, the $150 will be the correct amount that the ATO will address. this is the way they work for wages and any other amount that can be checked from third parties.
Rollover or manual?
Rollover is the software option to use your personal details from last year and populate them automatically for you – very handy – so please use it, unless your personal situation has changed in the tax year. But you will need last year file generated from the system (so make sure you have it stored on your PC).
ATO ETAX Guide is the way to go If you want an easy to use option of tax return lodgement for individuals, you must consider using what the government is giving for FREE and by doing so it will demand of you to better understand your financial position for every year and this knowledge is very important for every professional, instead of letting others take care of it, you get involved and understand how you did for the year. the more you know about your financial position the better you are equipped to address the things that need your immediate attention – so get educated it will help you grow.