2007 Tax Time Is Here

Submitted 31/07/2007

Migration for Business Growth

With the end of the financial year here the Tax Office is reminding Australia's 11 million taxpayers to start thinking about preparing and lodging their tax return.

Tax Commissioner Michael D'Ascenzo said the Tax Office has a range of information and assistance available to help people meet the 31 October 2007 deadline.

"From 1 July 2007, people can prepare and lodge their return online using e-tax, which is a secure, easy to use system which, in most cases, processes your return within 14 days.

"As well as the calculators, help screens and links to rulings in e-tax, this year you will be able to download more information from third parties including Centrelink payment data, net medical expenses from Medicare and interest earned from 20 banks and financial institutions.

"e-tax can be accessed free of charge 24 hours a day, seven days a week from our website at http://www.ato.gov.au/" Mr D'Ascenzo said.

People can still use a paper return and those who did so last year will receive TaxPack 2007 or the short tax return shortly.

"The short tax return is for people who have simpler tax affairs," Mr D'Ascenzo said.

If you used the short tax return last year or your 2006 return indicated you have simpler tax affairs, we will send you a Short tax return 2007 by mail. You can also obtain a copy of Short tax return 2007 by phoning 1300 720 092.

Once completed, the short tax return can be lodged over the phone by calling 13 28 65.

People can also get a TaxPack from most newsagents or Tax Office shopfronts from 1 July or by phoning 1300 720 092.

Mr D'Ascenzo also reminded people using a tax agent for the first time or using a different one from last year to contact them by 31 October 2007, and the earlier the better.

"Only registered tax agents can charge a fee to prepare and lodge a tax return.

"Make sure your agent is registered by visiting the Tax Agents' Board website at http://www.tabd.gov.au/ or by phoning them on 1300 362 829," he said.

Compliance focus

The Tax Office will again focus on deductions for work-related expenses, rental property expenses and capital gains from the sale of property and other assets.

This year the Tax Office will focus particularly on the following occupations for work-related expenses:

  • tourism, travel consultants and tour guides
  • fitness and sporting industry employees
  • construction tradespeople who are employees
  • guards and security employees, and
  • a continued focus on mining site employees.

We have also embarked on a project focusing on the compliance behaviour of high income earning executives.

"We cross-check tax returns against a range of data including financial institution data, state and territory revenue and property sales information and Australian stock exchange data.

"In particular, we'll be looking for capital gains from assets sold to contribute to superannuation before the new super changes came into affect on 1 July," Mr D'Ascenzo said.

If people have questions or need assistance, they should visit the Tax Office website http://www.ato.gov.au/ anytime, or phone the Tax Office on 13 28 61 between 8.00am and 6.00pm weekdays.

We can provide you a more personalised service if you provide your tax file number.

 

ATO Media Release

Last Modified: Saturday, 30 June 2007