Maximising Your 2024 Tax Refund – End of financial year tips
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June 4, 2024myGov can be confusing. Some might even think you need a degree to understand and use it, but once you get the basics, we think you’ll find that it’s an excellent tool to help you manage vital aspects of your financial life.
Some great reasons for using myGov
Your favourite time of the year is looming – yes, you guessed it! Tax time, YAY!
If your tax affairs are not complex, using myGov is a great way to do your tax return. Remember, your return is due by October 31 each year, with penalties applying for late lodgements. So, if you haven’t yet created a myGov account, now is the time to get started so you can get that tax done as soon as June is over! When preparing for tax time, read the Maximising your 2024 tax refund article for end of financial year tips (link to article when live).
Setting up a myGov account makes connecting to government services a bit easier, avoiding lengthy phone wait times. myGov is where your employer puts your group certificate and where you can find information about your superannuation. The Australian Taxation Office (ATO) will only ever email you about your tax through your myGov account.
A myGov account is a personalised account that assists you to navigate government services including Services Australia (Centrelink), the Australian Taxation Office (ATO), your electronic health record, Medicare and related records (vaccination etc.), child support, Department of Veterans Affairs (DVA), NDIS, Unique Student Identifier (USI) and more.
The myGov app is an electronic application for your phone / iPad that allows you to access and use your myGov account easily.
myGovID is your Digital Identity and makes it easier to prove who you are online. Use your myGovID to access participating government online services. You don’t need a myGovID to access your myGov account or the myGov app.
A bit more about the myGov app
The myGov app is the official Australian Government app for myGov. You need a myGov account to set up the app. If you don’t have a myGov account, you’ll need to create one.
The app makes it simple to sign into your account, easy to view Inbox messages and quick to access services. There is also a digital wallet where you can store some of your government digital cards and certificates.
To sign into your myGov account or create an account, go to myGov.
To find out how to set up the myGov app on your phone go to myGov App help page.
But wait, there’s more!
While we’re on apps that are useful, and we’re also coming up to tax time, think about the myDeductions tool provided by the ATO. You can access the myDeductions tool through the ATO app. Using the ATO app makes it easier and more convenient to keep records in one place, including photos of your receipts and invoices.
Whether you lodge your own tax return or use a tax agent, using myDeductions can help you organise and keep your tax records.
Do you know what expenses ADF members are allowed as deductions? Watch our short video on paying the correct tax to explore ADF Member specific tax information to help you get your tax right.
When you are ready to prepare your tax return you can email your records to either yourself or your tax agent from the myDeductions tool. If you’re using myGov to complete your own tax return, it means you’ve got all your records in one place. You DO need to make sure you use only one device to store the records, particularly if you want to upload information from the tool to the ATO to pre-populate the information into your myGov account in preparation for completion of your tax return.
myGov has its own website with lots of information about myGov and linking government services to your myGov account.
So, get online and find out more about myGov to set yourself up for ways to be in charge of your tax and other government financial and health matters.