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What's New This Australian Tax Season

Before preparing your tax return, it’s essential to stay informed about new updates or changes that could affect your filing. Keeping abreast of these changes ensures that you maximize your potential refund and comply with the latest regulations.

Reasons You Need to Lodge a Tax Return

Each income year, assess your personal circumstances to determine if you need to lodge a tax return. Here are some common reasons why you might need to lodge:

  • Tax Withheld: If any tax was taken out (withheld) from income you received.

  • Foreign Income: If you had $1 or more of foreign income.

  • Child Support: If you pay or receive child support.

  • Business or Investment Income: If you earned income from a business or investments.

  • Study or Training Support Loans: If you are leaving Australia and have a study or training support loan.

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Information You Need to Lodge

Before lodging your tax return, gather the necessary information to ensure a smooth process. Here’s what you should have ready:

  • Bank Account Details: BSB and account number for any potential refunds.

  • Income Statements or Payment Summaries: From all employers.

  • Centrelink Payment Summaries: From Services Australia.

  • Receipts or Statements: For any expenses you’re claiming as deductions.

  • Spouse’s Income Details: If applicable.

  • Private Health Insurance Information: 

If you have coverage. When you lodge your tax return online using myTax, most of this information will be pre-filled, simplifying the process.

How TaxFox Can Help

TaxFox is designed to make your tax return preparation seamless and efficient. Here are some features that can assist you:

  • AI Tax Calculator: Estimate your tax refund by identifying potential tax-deductible expenses.

  • Car Mileage Tracker: Automatically records distances traveled for work purposes, enhancing your ability to claim mileage deductions.

  • Digital Vehicle Logbook: Transforms your device into a digital logbook for easy mileage tracking.

  • Auto-Calculated Tax Refunds: Provides estimates based on logged distances.

  • Trip-Specific Refund Breakdowns: Detailed analysis of potential tax refunds for each logged trip.

  • Sleek Trip Reports: Export professional tax reports in PDF format that include your digital logbook and potential deductions.

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By leveraging TaxFox, you can ensure you never miss out on eligible deductions and always have the necessary documentation ready for a stress-free tax season.

Useful Links and Contacts

For further information or personalized assistance, consider consulting with a tax professional. Here are some useful links and contacts for TaxFox:

Stay updated and make the most of your tax return with TaxFox, Australia’s first tax refund maximiser app.


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