If you just started your first job using a tax file number or you just arrived in Australia for the first time and about to start work, there are many things to consider in the coming year like your lodging your taxes. Lodging your first tax return can be tad intimidating, let us help you make your first tax return a simple process.
In lodging your income tax return, you have an option to lodge it on your own or use a registered tax agent like The Tax Accountant. You must know that registered tax agents like us are the only people allowed to charge a fee to prepare and lodge your return. Here are the basics that you need to know:
Do you have to lodge a return? Check the list below to see if you need one.
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
an individual carrying on business regardless of income or loss
a resident taxpayer earning less than $18,200 who’s had tax withheld from that income
a taxpayer who’s been asked to submit a return by the Commissioner. A full tax return is required even if there’s no assessable income to report
Rate of your tax return. See the resident tax rates for 2018-19:
Deadline for lodging a tax return
As soon as you can after 1 July and before 31 October every year. However, if you use tax agents like us, The Tax Accountant, you are normally granted extensions through 15 May the following year.
Claiming your work-related expenses. Read our blog out this year: https://www.thetaxaccountant.com.au/post/what-deductions-can-you-claim
Lodging your return late?
ATO issues penalties for not lodging your return after the deadline. However, penalties vary to individuals depending on your situations. It is still best and we always recommend to lodge your taxes on time.
There are different ways to lodge your taxes, especially if you are a first-timer. It can be done through ATO’s official website or on your own, but we suggest for you to use a registered tax agent, to help you with all of your questions and to do it correctly.
Contact us at mail@thetaxaccountant.com.au for assistance.