If you earn a salary you probably do. You must declare all your income but you can also claim your work-related expenses.
The complete details pertaining to who must lodge a tax return can be found on the ATO website Click here for the link. Tax return is how you report your annual income and deductions to the Australian Taxation Office (ATO), and ensure you have paid the right amount of tax, no more no less. For many of us, this means we might get a lump sum tax refund.
Tax return needs to be lodged each year from 1 July until 31 October. A tax return should ideally be prepared and lodged by a registered Tax Agent. This will offer peace of mind to ensure that you have maximised your deductions and the tax return is lodged by the book. Getting your tax deductions right the first time will not only increase the tax refund but also reduce the amount of stress it takes when you file your taxes.
Lodging your tax return done on time is the best way to avoid late lodgement penalties and get a tax refund on time, especially for those who have calculated that a sizeable refund might be coming their way. Australian Taxation Office (ATO) has expanded its options for lodging tax returns to make the process as convenient as possible in the majority of cases.
Completing a tax return does not need to be confusing or stressful. You can lodge your tax return using a registered tax agent or you can do it yourself online using myTax, the Australian Taxation Office’s (ATO) free tax return preparation and lodgement software.
If you lodge your tax return through a registered tax agent you will generally get an extension to 15 May, depending on your compliance history with ATO. You will need to submit your tax return by 31 October if you don’t lodge it through a registered tax agent. You have four months (from 1 July to 31 October) to prepare your own tax return. In order to avail the lodgement extension to 15 May, you will need to register with a tax agent by 31 October. This particularly helps in those instances where you might be expecting a tax bill.
We GUARANTEE all our clients a maximum tax refund! For quick, easy and comprehensive online tax returns, contact our friendly team today.
In some cases, you may need to lodge a tax return even though you might not have reached a tax-free threshold. For example, you may have only worked for only a short time but have had PAYG withheld from your pay. Even though you have earnt less than the tax-free threshold, you will have to lodge a tax return in order to receive PAYG withheld refund. Resident companies (except non-profit companies), trusts, partnerships and superannuation funds are required by the ATO to lodge the tax returns irrespective of income.
Any other questions regarding your tax return, feel free to call our expert Cranbourne Tax Agents at 1300 300 106.