How to lodge your 2022 tax return?

By Kaleem Ulah

August 2, 2022

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Looking to lodge your own tax return? Are you an income earner, living in Australia? Have you earned an Australian income for the year starting 1st July 2021 to 30th June 2022? If you have answered yes to all the questions, then it’s certainly worth lodging your tax return.

How to lodge my own tax return?

If you need to lodge your own tax return, here are the following 3 options to choose from:

  • By using ATO’s free tax tool – myTax
  • By lodging with a registered tax agent or accountant.
  • Lodge a paper tax return.

Depending on your circumstances, these are the following options you can choose from:

You can start lodging your tax return OR you can also speak to an accountant near you OR even lodge a paper tax return. If you are looking to do your own tax lodgements, then it is suggested to use - myTax

How to lodge my tax return via myGov?

  • Create your online free account on myTax via myGov
  • From the online services home page, choose prepare link.
  • Once your click on “prepare” link, myTax will request you to confirm your contact details.

Important Tip – Please make sure your contact details including your financial institution or your bank account details are correctly entered.

Once you confirm your bank details you will be required to personalize your 2021 – 22 tax return account. This will involve basic questions such as the following:

  • Were you an Australian resident for tax purposes from 1ST July 2021 to 30th June 2022?
  • Did you have a spouse at any time between 1st July 2021 and 30th June 2022?

If you unsure, whether you are required to lodge a tax return or not? You can also have a read on Do I need to lodge a tax return? - The Kalculators. Based on your prefill information, the ATO makes certain selections for you. Additionally, you are required to make other selections that may be relevant in your tax return.

What happens if I have incorrectly deleted or edited any pre-fill information, after my tax is lodged?

Your myTax estimate may differ from your notice of assessment, this will show any adjustments made by the ATO. Moreover, ATO also offers some video tutorials that may assist you to use myTax.

How to add or review your tax deductions in myTax?

Make sure you’ve got all your information, including logbooks and receipts on myTax. Moreover, you will also see there is an option to upload all your information via myDeductions. If you are new to lodging your own tax return, you can simply enter all your information directly into myTax.

Did you know? You can use myDeductions tool through out the year to record all your general and work-related expenses, including your income earned from business and expenses. Moreover, if you are a sole trader, you can upload your completed deductions into correct labels in myTax.

Please note, certain checkboxes are already selected because your income statement is already pre-filled in your tax return. For example, certain salary and wages have been automatically selected. Moreover, if there are other options that may be applicable to you, please ensure you select them all.

Declaring your income for claims and deductions

There are certain common types of income, that must be declared and is prefilled information:

  • Your salary or employment income paid to you for the following tax year.
  • Any government payments such as Centrelink or Covid relief payments for the given year
  • Superannuation, pension or annuities.
  • Investment income that involves interest, rent, dividends, and capital gains
  • Income from Uber, Ola, Didi or Airbnb.
  • Insurance payments
  • Foreign income that is money earned outside of Australia.

Do I need to declare tax deductions?

Yes, you are required to claim tax deductions to reduce your taxable income and receive refund. Individuals, sole traders or companies are entitled to claim for a deduction for investment or work-related expenses.

What kind of tax deductions can I claim?

Declaring your income and deductions are based on many factors. And may largely be dependent on your occupation or the industry work in. For instance, if you work in health care, then you may be eligible to make claims for certain education-based courses, that relates to your occupation.

Useful read: Tax Deductions for Doctors, Specialists, or other Medical Professionals

If you work in hospitality, then here is an article that may be useful for you:

Also read: Tax Deductions For Hospitality Workers in 2022 - The Kalculators

For more information, please send us an email on info@thekalculators.com.au or give us a call on 08 7480 2593.

How much does it cost to lodge a tax return?

Every tax agent or a tax accountant may have different service pricing for tax returns. For an individual, sole trader or business it may be different. For example, our starting price for an individual tax return is $60, and for a business tax return is $110. For our service pricing, we also ensure:

  • Industry based specialized accountants who have been specifically trained occupation or industry wise such as doctors, healthcare professionals.
  • A multicultural team of individuals, who speak over 10 languages including Punjabi, Hindi, Urdu, Spanish, Chinese, and many more.

Remember, choose your tax accountant wisely, and make sure you enter all your lodgments correctly.

Important Tip: Do not make false claims with the ATO, this may result in having you to pay a hefty penalty.

Get in touch for your 2022 tax return lodgements!

At The Kalculators, we have over 8 offices in Adelaide, also including Port Augusta and providing tax return services in regional SA. We believe every individual has the right to earn their hard earned money back, however, we believe in doing things the right way. And help you get the refund you deserve!

Simply give us a call on 08 7480 2593 or simply visit: book my appointment

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About the Author / By Kaleem Ulah

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Kaleem is CEO & Author at "The Kalculators". With more than 10 years of experience in financial services, He built Kalculators to transform your financial challenges into strategic triumphs!

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