MyTax 2014 - Benefits, Bugs and Options

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ATO's New MyTax

MyTax 2014 is the ATO's new streamlined tax return designed specifically for people with straightforward tax affairs.

The MyTax 2014 system is intended for simple tax returns only and relies on data feeds to the ATO from employers, government agencies and financial institutions etc for the necessary information to be available. The ATO says the information is usually available early August 2014.
The ATO says MyTax 2014 could be ideal if:
  • you were an Australian resident for tax purposes from 1 July 2013 to 30 June 2014
  • your only income is from salary and wages, allowances, bank interest, dividends and/or Australian government payments
  • your only deductions are for work-related expenses, expenses relating to income from interest or dividends, gifts and donations and/or the cost of managing your own tax affairs
  • your only tax offsets are the senior Australians and pensioners tax offset, the zone and overseas forces tax offset and/or the private health insurance rebate.
  • They also provide a long list of items that would indicates MyTax would not be the right application for you.

Issues with MyTax

Overall, the idea of MyTax is good and could be an effective option for many taxpayers. However, there are some practical problems with the system:
  • Can you WAIT! - The ATO says with MyTax, the "...information is usually [emphasis added] with us by early August..." so you need to "...wait until then...".
  • Are you claiming FTB? - Our experience is clients don't want to wait until August to get there tax returns done as the information is used to reconcile and top up the FTB payments.
  • Technical challenges - Requires a MyGov account to be linked to the ATO
  • Complex Checklists - The ATO provides a complex checklist to review if you can use MyTax.

EASY Alternative Option to MyTax

 At My Tax Zone, you will find the worlds EASIEST online tax return called EzTax. Benefits:
  • Genuinely EASY to use
  • Does all the calculations for you 
  • No Appointments or travel
  • Your tax return is checked by qualified and experienced accountants 
  • Most people complete their tax returns in less than 20 minutes.

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