Home topics news Source: Joseph Frank on Unsplash News Tax News ATO greenlights simple tax returns Yajush Gupta August 10, 2023 The Australian Taxation Office (ATO) has granted a “green light” to taxpayers with uncomplicated financial situations, signalling that they can proceed with lodging their annual income tax returns. ATO Assistant Commissioner Tim Loh emphasized that taxpayers with straightforward affairs will discover that most of the information required for filing has already been pre-filled in their tax returns. Loh explained, “The majority of information we gather from employers, financial institutions, private health insurers, share registries, and other entities is now readily available. Therefore, if your financial matters are relatively simple, you’re free to lodge – but do remember to verify the accuracy of your details before submitting.” Whether you choose to file through a registered tax agent or independently via myTax, pre-filled information will be automatically integrated into your tax return. Loh also cautioned taxpayers that certain sources of income might need manual inclusion – such as income from rental properties, select government payments, or earnings from “side hustles.” “Even with the green light, don’t rush! Take your time and ensure that all your details are correctly included,” advised Loh. As you prepare to submit your tax return, keep these tax time tips from Tim in mind: Account for All Income: Any additional earnings from online activities, the sharing economy, investment interest, capital gains (e.g., property sales), or cash payments for services must be included in your tax return. Evaluate