We know that doing your tax return for the first time can be daunting and confusing. You may not even know whether you need to lodge a tax return! Have no fear! Our 9-part blog will provide you with all kinds of information to help you understand the basics of doing your tax for the first time.
Do I need to lodge a Tax Return?
This is probably the best question to start with, you can find an extensive list of whether you need to lodge your tax return in one of our blogs here.
But let’s look at the basics, if you answer YES to any of the points below, you’ll need to lodge a tax return:
- If you’re an Australian Resident and earned over $18,201 for the income year which is 1 July – 30 June each year (this year, it’s 1 July 2018 – 30 June 2019).
- If you paid any Pay As You Go (PAYG) Instalments and you want to recover any leftover tax (this is tax directly paid to the ATO during the year).
- If you carried on a business during the income year (regardless of whether you made a profit or a loss)
- If the Commissioner of Taxation asks you to submit a tax return, regardless of whether you have income or not.
- If you’re a resident minor (Under 18 on 30 June) and received income from dividends or trust distributions that were more than $416, and franking credits were attached, or tax was withheld.
If you don’t need to lodge a tax return, you still need to tell the ATO – you can do that by filling out a Non-Lodgement Advice or let us know and we’ll lodge it for you.
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Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.