Things To Know While Filing a Tax Return in Australia

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When the government gives you a lot, it’s your prime responsibility to return it back!

Similar ideas come to the mind each time a taxpayer pays their taxes with honesty. Each of the salary earners in Australia needs to lodge a tax return during the prescribed time domain.

Why is a tax return lodged?

Even though the employers deduct taxes every time they pay their employees, still the tax return lodging is a very important thing mainly due to the following reasons:-

  • People may have additional income (for example- bank interests, rent, shares, or any other sources of receiving payments)
  • It gives an opportunity to claim back some of the expenses related to work
  • In order to avoid the late fees/ fines which can be from $850 p.a. plus interest

In certain cases, taxpayers need to pay more taxes, while in other cases, they get some money back.

Duration of Tax Return

  • Tax returns in Australia cover the financial year starting on July 1 and ends on 30 June of the following year, and in case one is lodging their own tax return, it is due by 31 October.
  • For preparing and lodging your own tax return the duration remains from 1 July to 31 October to lodge it.

Do you need to lodge a tax return?

  • Most of the people need to lodge a tax return every year. If you are earning your salary in Australia, you need to file the tax return. Whether you are filing a tax return Perth or Melbourne, the same rules apply for all.
  • Also, in order to run your business, if you had taken help from any of the income sources during the financial year, you need to file a tax return against it, until and unless you fall in any of the exceptions category.

How to lodge a tax return

  • Lodge through a tax agent
  • Lodge through a tax filing agency
  • Lodge a paper tax return
  • Tax Help program

First Time Tax Lodging

  1. For the first timers, lodging a tax file can be a difficult job. But, with the professional help, things tend to go simply different.
  2. If you don’t have the right idea of completing this process, professional help is always handy with a large number of tax filing agents and agencies in the country.
  3. Initially anyone who comes into the process of tax filing holds a number of questions and anxieties associated with it. This is where the real professional help is required. Get the answers for all your queries on a single point choosing any of the professional tax filing agencies and you are saved.
  4. They not just have the perfect answers to all your queries but, they also help you file your taxes with the least efforts and complete ease.

Keep these prime facts in mind or for a greater help you can also look for any of the expert tax return accountant Brisbane, Melbourne and other places in Australia.