Do I need to lodge an etax Return?

Do I Need to Lodge an Etax Return?

Tax time is approaching, and if your circumstances have changed this year, you might be unsure whether you need to lodge an etax return. Let’s break it down to help you determine your requirements.

Index

• Reasons You Must Lodge an Etax Return
• Income Thresholds and Special Cases
• Foreign Residents and Income
• Reportable Fringe Benefits and Super Contributions
• Private Health Cover and Rebates
• Business Income and Losses
• Superannuation Lump Sums
• Government Co-Contributions
• Non-Lodgement Notifications
• Maximise Tax Deductions with GoTax Online

Reasons You Must Lodge an income Tax Return

You need to lodge an etax return if any of the following apply:

• You worked during the year, and your employer withheld tax from your pay. This includes Centrelink payments.
• Your income exceeded the tax-free threshold.

Income Thresholds and Special Cases

The tax-free threshold for most people is $18,200. However, there are higher thresholds for certain groups:

• $32,279 for single individuals of pension age (65) or those receiving a Centrelink pension.
• $28,974 for those living with a partner and of pension age or receiving a Centrelink pension.
• $20,542 for those receiving a Centrelink allowance such as Youth Allowance or Newstart.

Foreign Residents and Income

If you were a foreign resident for tax purposes and earned $1 or more in Australian income, you need to lodge a return. This excludes franked dividends or interest with non-resident withholding tax.

Reportable Fringe Benefits and Super Contributions

If your payment summary includes amounts for reportable fringe benefits or reportable superannuation contributions, you must lodge an etax return.

Private Health Cover and Rebates

You need to lodge if you have private health cover and didn’t claim the correct entitlement to the government rebate. Your health fund can assist with this.

Business Income and Losses

Lodge an etax return if: