Smartphone tax returns ready this year
The Coalition is rolling out simplified and “substantially pre-prepared” tax forms allowing Australian residents to lodge returns from a smartphone or tablet device.
Treasurer Joe Hockey earmarked changes to the Australian Taxation Office (ATO) technology last year, but confirmed at the weekend that the new web browser forms would be ready by 1 July.
Hockey said returns would be “substantially pre-prepared” by the time consumers log on, with many consumers only having to review information on the ATO’s files from employers and banks.
Currently the ATO’s online tax service requires a software download and cannot be accessed via mobile devices.
However, Hockey said the new MyTax technology would only be suitable for people with simple tax returns.
Those with business incomes, rental properties, superannuation income or lump sums and foreign income will likely be ineligible to use it.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
