Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Spike in usage of myTax, electronic lodgements

Despite notable technical issues with the myTax system last financial year, there has been a significant spike in the use of the service and in electronic lodgements.

Tax&Compliance Katarina Taurian 03 October 2016
— 1 minute read

To date this financial year, 2,251,181 taxpayers have used the myTax system, compared with 2,046,065 by the same time last financial year, according to figures supplied to AccountantsDaily by H&R Block.

Advertisement
Advertisement

Technical difficulties marred the rollout of the myTax system last year, preventing many individuals from lodging their tax return at all in July.

At the time, the ATO encouraged individuals to wait until August to lodge their tax returns.

Electronic lodgement via tax practitioners has also spiked, with the number currently sitting at 5,046,809, compared with 4,601,850 this time last year.

This has contributed to an overall jump in total electronic lodgements to 7,679,251, up from 6,676,821.

Despite the digital push from the ATO, groups like H&R Block remain bullish on the future of tax agents and their role in compliance work.

“For some more complex tax returns, there are aspects which will never fit into the myTax system,” H&R Block director of tax communications, Mark Chapman, previously told AccountantsDaily.

“Property is the classic one. If you own one or more properties, you can’t use myTax. The tax rules around that are so complex that you would really want to have some form of professional advice on your side to make sure that you’re doing it right.”

 

Spike in usage of myTax, electronic lodgements
image intro
accountantsdaily logo

 

Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more

Tax&Compliance