Do I need to lodge a tax return?

Do I need to lodge an income tax return?

Tax time is here and if things have been a bit different for you this year you may be unsure if you actually need to lodge an etax return. Below are some common reasons, if any of these situations fit you then you must lodge an etax return.

1. If you worked during the year and your employer withheld tax from your pay, regardless of your total income. 
   Check your payment summary to see if there is an amount at tax withheld. This also applies to Centrelink payments.

2. If your income was more than the tax-free threshold.
   For most people this is $18,200. If, however, you were single, and of pension age (65) or received a Centrelink pension then the threshold is $32,279. If you lived with a partner and were of age pension age or received a Centrelink pension, then the threshold is $28,974. If you received a Centrelink allowance such as Youth Allowance or Newstart, then your total income threshold is $20,542.

3. If you were a foreign resident for tax purposes and your Australian income is $1 or more.
   This does not include franked dividends or interest that has had non-resident withholding tax withheld.

4. If you have an amount for either reportable fringe benefits or reportable superannuation contributions on your payment summary.

5. If you have private health cover and did not claim your correct entitlement to the government rebate.
   Your health fund may assist you with this.

6. If you carried on a business through a personal ABN.

7. If you made a loss or could claim a loss from a previous year.

8. If you were over 60 and received a superannuation lump sum that included either an untaxed element or a non-dependent death benefit.

9. If you were under 60 and received a superannuation lump sum.

10. If you made personal contributions to a complying superannuation fund and you are eligible for the government co-contribution.

Remember if you meet any of the above reasons you will need to lodge an e-tax return. The above list is the most common factors but is not all the reasons that require the lodgement of an etax return.

If you don’t meet any of the conditions requiring you to lodge an e-tax return, then you must inform the taxation office that you will not be lodging for the applicable year. This can be done by lodging a non-lodgement form with the taxation office. If you are receiving payments from Centrelink be sure to also let them know you are not lodging an e-tax return.

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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.