Can Tax Accountant Near Me Help Lodge My First Tax Return?

Are you lodging your tax return for the first time? If so, it’s important to understand how the process works and what you’ll need to prepare. Getting it right the first time can save you time, stress, and even help you get a better return.

Filing your first tax return can feel overwhelming, especially if you’re not sure what income to report, which deductions you’re allowed to claim, or what documents you need to have ready. That’s why getting help from a local tax accountant can make a big difference.

In this article, we’ll discuss how a tax accountant in Sydney and near by can assist with your first tax return, what types of income you need to include, common deductions to consider, and the essential information you should have prepared before lodging.

Why Do You Need to Lodge Tax Return?

Lodging a tax return is an important part of managing your finances, especially if you earn income in Australia. The Australian Taxation Office (ATO) uses your tax return to assess how much tax you’ve paid during the financial year.

If you’ve earned over the tax-free threshold (currently $18,200), you are required to lodge a return. Even if you earned less, it might still be a good idea, as you could be eligible for a refund. A tax return also lets you claim deductions for work-related expenses, which could lower your taxable income and increase your refund.

In short, lodging your tax return keeps you compliant with the law, helps you get back any overpaid tax, and ensures you don’t miss out on benefits or credits you’re entitled to.

Common Information to Include to Lodge Tax Return

When lodging your tax return, you’ll need to gather important details to ensure everything is reported correctly. Here’s what you should have on hand:

Tax File Number (TFN) – Your unique identification number for tax purposes.

Bank Account Details – Your account information for any refund to be deposited.

Income Proof – To confirm the money you’ve earned:

• Income statements from your employer (formerly known as a group certificate).

• Payment summaries from Centrelink if you’ve received government assistance.

Expenses and Deductions – To claim deductions, you’ll need:

• Receipts for work-related expenses, donations to charities, or gifts made.

By having all these details prepared, you’ll make the process much smoother. If you're unsure or need assistance, HelloLedger is here to guide you through it, ensuring everything is correct for your first tax return.

What Income Do You Need to Include?

When lodging your first tax return, it’s important to accurately report all sources of income. Ensuring you include everything will help avoid errors and ensure you don’t miss out on potential refunds or benefits. Here’s what you need to include:

• Salary and wages – This is the income you get from your regular job. It’s the amount you’re paid for your work, shown in your payslips or income statement (formerly called a group certificate). Your employer will provide this information at the end of the year.

• Freelance or self-employed income – If you work for yourself or do freelance jobs, you need to include the money you earn from those activities. This includes income from side jobs or business activities. Keep track of any invoices or records to make sure you report everything.

• Investment income – This is the money you make from things like savings accounts, dividends from shares, or other investments. This type of income needs to be reported because it’s taxable.

• Rental income – If you own a property and rent it out, the money you receive from tenants is considered rental income. You must report this, but you may also be able to claim deductions for property-related expenses, like repairs or management fees.

• Government payments – Any financial support you get from the government, like Centrelink payments, must be included in your tax return. This could include benefits such as unemployment or parental leave payments.

• Other income – This covers any other money you earn that doesn’t fall into the categories above. For example, money from a side hustle, lump sum payments from your superannuation, or occasional freelance work. Remember to include all sources of income.

  
  

At HelloLedger, we recommend gathering all your income information upfront to ensure a smooth and accurate tax return process. If you’re uncertain about what to include, our expert team is here to guide you, ensuring everything is correctly reported and you’re fully compliant.

Common Deductions You Can Claim on Your Tax Return

When lodging your tax return, there are several deductions you can claim to reduce your taxable income, potentially lowering your tax bill or increasing your refund. Here are some of the most common deductions to keep in mind:

• Work-Related Expenses: If you've spent money on items you need for your job, such as uniforms, tools, or work-related equipment, you may be able to claim these expenses. This also includes costs for professional memberships or subscriptions related to your work.

• Vehicle and Travel Expenses: If you use your car for work purposes (excluding commuting), you can claim deductions for fuel, maintenance, and travel-related costs. Keep in mind, only work-related travel qualifies for these claims.

• Home Office Expenses: If you work from home, you can claim a portion of your home office expenses. This includes things like electricity, phone bills, internet costs, and office supplies. Be sure to calculate the portion of these expenses that are directly related to your work.

• Self-Education Expenses: Expenses related to furthering your education or improving your skills for your current job can be deducted. This includes course fees, study materials, and even travel to and from educational institutions.

• Donations to Charity: Any donations you’ve made to registered charities are tax-deductible, so be sure to keep your receipts for these contributions.

• Interest on Investment Loans: If you own a rental property or other investments, the interest on loans taken out for these purposes may be deductible.

At HelloLedger, we understand that claiming deductions can be confusing, especially if it’s your first time. Our team is here to ensure you’re claiming all eligible deductions, keeping your tax return accurate and stress-free. If you're unsure about any deductions, we’re here to help guide you through the process.

Will Tax Accountant Near Me Help Get Bigger Refund?

At HelloLedger, we’re here to ensure you get the maximum refund possible. Our expert tax accountants know exactly how to identify all the deductions and credits available to you. Whether it’s work-related expenses, self-education costs, charitable donations, or other eligible deductions, we don’t miss anything.

For first-time filers, the tax process can feel complicated, but we’re here to guide you through every step. Our accountants will carefully review your financial situation to make sure you’re claiming everything you’re entitled to. This includes looking for deductions that you might not even know about, helping you reduce your taxable income and increase your refund.

By working with HelloLedger, you’ll have peace of mind knowing your tax return is accurate and compliant with all tax laws. We take care of the details, so you can focus on what matters most. Trust us to help you get the best possible outcome with a smooth and stress-free filing experience, ensuring you maximise your refund.

Conclusion

Even a small mistake on your tax return can lead to fines or missed refunds but with HelloLedger, you don’t need to worry. Partnering with a local tax accountant is a smart move, especially for first-time lodgers. Our expert team makes the process simple and stress-free, ensuring your return is accurate and complete.

By working with HelloLedger, you're not just filling out forms, you're gaining support from professionals who understand the complexities of tax laws and are up-to-date with the latest changes. We’ll guide you through every step, making sure nothing is missed, from work-related expenses to investment income.

No matter where you are, we’re here to help. Our trusted team supports individuals and small businesses across major regions, including Sydney, Melbourne, Brisbane, Gold Coast, Sunshine Coast, and Newcastle. Wherever you're located, HelloLedger is just around the corner—ready to help you lodge your first tax return with confidence.

Ready to make your first tax return simple and stress-free? Book a free discovery call today and let our expert accountants guide you through the process.