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Personal Tax Returns

Do I need to lodge a Tax Return?

Full details of who must lodge a tax return are on the ATO website. Taxpayers who must lodge a tax return include:

  • Most resident individuals whose total assessable income exceeds the $18,200 tax-free threshold for the income year.
  • A taxpayer who last year paid Pay As You Go Instalment Tax irrespective of income (if they wish to recover the tax).
  • Every individual carrying on a business or profession regardless of income or loss.
  • A resident taxpayer earning less than $18,200 who has had tax withheld from that income.
  • A taxpayer who has been asked to submit a return by the Commissioner. A full tax return is required even if there is no assessable income to report.
  • A resident minor (under 18 on 30 June) who received income from dividends or distributions greater than $416 and franking credits were attached or tax was withheld.
If you do not lodge a return for a particular year, the ATO may send a request to lodge. It is a good idea to notify them if you are not required to lodge a tax return. You can write to them or telephone on 13 28 61.

When are the Deadlines and Timing?

The dates for lodgement are as soon as practicable after 30 June and before 31 October (last day for lodgement) each year. Extensions will usually be granted if written notice is forwarded to the Commissioner before 31 October. Tax agents are normally granted extensions of time beyond 31 October for taxpayers who are listed with the ATO as their clients by that date. Contact your us to ask about your due date for lodgement and to apply for an extension if necessary.

What can I Claim?

You can only deduct work related expenses under specific circumstances. Make sure you do enough reading to understand what you can and can’t claim.If you have spent money on something in order to do your job, such as purchasing uniforms, and paying for travelling or ongoing education expenses, you may be entitled to claim that cost as a tax deduction.

Remember to only claim what you are entitled to. You cannot claim private expenses or things that have been reimbursed by your employer.

What Substantiation do I need?

If you are claiming more than $300 for work expenses, written evidence must be kept to prove the total claim, not just the amount over $300. Documentary evidence must be kept for 5 years after the later of 31 October in the year the return has been lodged or from the date of lodgement.

The records that you need to keep are receipts, invoices or similar documents, except where a diary is sufficient.

Required documents may include:

  • Payment summaries from payers, including Centrelink
  • Receipts for deductions you are claiming
  • Copy of your tax return
  • Statements from your financial institution, for example a ‘bank statement’ showing what interest you have earned.

Strategic advice & ATO Private Rulings

We are also extremely experienced in the field of ATO Private Rulings for small businesses, and can assist with any queries you have regarding this or any ATO variation.

If you would like to discuss small business tax advice or business support with us, feel free to contact us here.

Small Business Tax Advice

We provide tax accounting services and small business tax advice to get your tax strategy in place as early as possible. As part of our comprehensive tax planning process, we make sure that any business or trust structures are as tax-effective as possible.

We advise you on maximizing the tax benefits of asset purchases or leasing. And we help you stay abreast of changes in tax legislation that might impact your tax strategy in the future.