I'd like to start with some numbers to get the ball rolling. In July, August and September of 2010, the ATO received 580,000 paper returns. Printed and layed end to end, the 132 page Tax Pack would be enough paper to go from Sydney to Perth five and a half times. Depending on the route you took. E-tax can can save all this paper as well as simplifying the whole process of end of year tax. So, what is e-tax and why - apart from the environment - should anyone use it?
The birth and growth of e-tax
Launched in 1999, e-tax allowed tax returns to be submitted over the internet for the first time and was a leap forward in the way that tax in Australia would be managed over the next ten years. In that first year 120,000 Australians downloaded and used the software, a figure which has grown to 2.3 million in 2009. Each year e-tax is improved from tax payers feedback to help improve the service and make filing easier for individuals. This ongoing improvement has helped grow e-tax usage in 2010 by 10% compared to 2009 pre-filling figures.
e-tax 2011: What will it do?
E-tax brings together much of the support given at the ATO website, a persons individual details and the documentation required to submit a tax return into one place.
Pre-filling of information. Once downloaded, e-tax links to millions of pieces of information about an individual tax situation including payment summaries, withheld tax, interest on savings, union and professional fees etc. This can help individuals find lost information and ensure it all goes in the right places on their tax returnA step-by-step submission process which guides you along meaning all the right sections of a tax return are completedReturn/refund estimates and calculators will let you know how much you can expect to pay or received based on ATO defined rulesExplanation of key terms and rules will increase individuals understanding of tax
Benefits of e-tax
On top of simplifying the whole process, people using e-tax in 2011 will benefit from faster returns compared to their paper counterparts; the ATO aims to have processed all electronic submissions within 14 days. There are also built-in checks and links to ATO resources to help prevent mistakes and ensure and accurate tax return. For your 2011 tax return, take the plunge and download the ATO e-tax software saving time, money and hassle with one of life's little chores.
Follow this link for more information on using 2011 e-tax.
http://www.taxrefundforfree.com.au/ has more information, links and resources to help you process your tax return
Patrick O'Sullivan reviews businesses, processes and ideas to find solutions and give advice in a variety of different situations.
0 comments:
Post a Comment