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Should I use myTax or an accountant?

myTax Accountant

If you’re an individual with a simple income from an employer and nothing to claim, you may decide to lodge your tax online through the Australian Taxation Office’s (ATO) online app myTax.

It’s available to access through myGov or the ATO app. You need to create a myGov account and link to the ATO.

The ATO will prefill your salary, tax withheld and interest. However, it is your responsibility to ensure the data is accurate. In addition, the ATO will not prefill deductions and knowing what you can and can’t claim can be complicated and stressful.

It would be wise to see an astute accountant to ensure you stay within the law, and help maximise your claims under any of the following circumstances:

  1. Multiple income sources,
  2. freelancer,
  3. small business,
  4. do some or all your work from home,
  5. investment portfolio,
  6. rental property,
  7. crypto assets,
  8. family trust,
  9. any other complications.

Choosing an accountant can also help you:

  1. Get organised,
  2. plan better for next year,
  3. reduce tax time stress,
  4. save time and energy.

In many cases the cost of an accountant will be less than the cost of either paying too much tax through error or not paying enough and getting in trouble with the ATO.