What is the best way to go about doing my tax return?

If you're anything like me you have a love-hate relationship with tax returns. You hate having to do them, but you love the cash that you receive once you've done it.

For those who are a little unclear on the whole thing, when you file your yearly tax return you are declaring your annual income so it can be assessed for tax. The Tax Office provides a form for you to make your tax return on. (Often the form itself is referred to as a tax return.)

The information that you provide to the Australian Taxation Office (ATO) allows them to work out how much tax is payable on your income, then how much have actually paid. If you have paid too much tax during the year you will be eligible for a refund, and if you have paid under the amount payable on your income you will then owe the ATO.

There are a number of ways in which you can lodge your tax return form. You should be sent a tax pack in the mail. If for some reason you do not receive it in the mail you can download the form from the ATO website ( www.ato.gov.au ) , or head down to your local tax office or post shop, or call 1300 720 092.

Alternatively you can use the e-tax application also on the ATO website. This is probably the easiest and most convenient way to apply for your tax return. Its completely secure, available 24 hours a day, seven days a week from anywhere in the world, and it ensures you have filled in your form correctly by using built-in online checks. So no wasting time sending forms back and forth to the ATO. The best thing is, it will give you an estimate there and then, of what your tax refund will be.

If you apply for your tax return using e-tax you will usually receive your tax return within 14 days, whereas if you apply manually it could take up to 45 days. You can also apply over the phone, however you must have all the information that is needed there and then, with regards to your income for the year, to be able to complete it.

If you want to complete your own tax return but think you may need some assistance, then Tax Help may be the answer. Volunteers at this service will help you prepare your tax return correctly while explaining your tax obligations at the same time.

If you feel that you need someone else to do it, or you simply do not have time you can enlist the help of a registered tax agent. These are the only people who are legally permitted to charge a fee for this service. It is important that you check their status as a registered tax agent before undertaking their services. You can do this by going to www.tabd.gov.au/ and clicking on the 'List of Tax Agents' link.

All tax return applications must be lodged before October 31st of the tax year in which you are applying. For further information contact the ATO on 13 28 61.

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