It is very crucial to lodge a tax return in Australia. If you are earning money in Australia, you need to apply for a tax file number in ATO (Australian Taxation Office) and pay suitable tax on the amount of money you earn in the country. The money you need to pay as taxes for a specific year is estimated through your annual tax return.
If you are a salaried person, your employer pays income tax for you throughout the financial year, which runs from 1st of July until 30th July. If you are self-employed and own a business, you may pay the income tax on account during the year. At the end of each financial year, you have to lodge a tax return in Australia.
Your tax return in Australia will determine the accurate amount of tax you need to pay for the financial year, taking into account various rebates, deductions, and offsets. If the amount paid for the tax is extra, you will get a tax refund and if the tax amount paid is less than the amount estimated, you will be issued a bill for an additional tax that needs to be paid urgently.
Requirements to File a Tax Return in Australia
• How will you apply for a tax file number in Australia?
A unique tax file number is assigned to every Australian taxpayer by the Australian Taxation Office. To apply for a tax file number one needs to consult with the Australian Taxation Office.
• What do you need to know about your assigned tax file number?
Each taxpayer in Australia receives an individual tax file number and this unique number has lifetime validity. It is not allowed for anyone else to use your tax file number for any reason and it is permissible to share your tax file number with the ATO, your bank, Centrelink, your employer, your registered tax agent, and your super fund.
• What else do you need to know while lodging a tax return in Australia?
Before filing your tax return in Australia, you need to first make sure that all your relevant documents are with you to show your expenses and income for the financial year. You need to follow the handy income tax checklist provided by the ATO to assure yourself that everything is going right. You also need to have your bank account details ready (including your account number and the BSB) in case you are eligible to get the tax refund amount.
• When and how should you file your tax return in Australia?
You may complete your tax return in Australia yourself either offline or online from 1st July until the deadline of the tax return lodgement i.e. 31st October each year. Or you can consult a registered tax agent in Australia to get assistance for completing your tax return lodgement and can ensure the best possible tax refund. You may also lodge your tax return after the deadline which is 31st October but the extended deadline may depend on your specific circumstances.
• Why lodge your tax return with a registered tax agent?
Most people in Australia choose a registered tax agent to lodge their tax returns. With years of experience, the tax experts in Australia are passionate about obtaining great results and make their clients receive the best possible tax refunds every time. They are specialized in making the tax return filing process simpler.
Whether you opt for the online tax return services or wish to work with one of the trusted tax agents in Australia directly for an in-office tax return lodgement, it is guaranteed that you will be guided by the tax professionals every time. The tax professionals double-check your every claim and tax return for ultimate accuracy and make sure that the entire process of tax return lodgement is fuss-free.