Tax Back under $18000 | 2023 Gotax

Tax Return for Income Less Than $18,000 in Australia

In the Australian Taxation System, if your total income for the year is less than the tax-free threshold of $18,200, you don’t have to pay any income tax. However, you’ll still need to file a tax return.

Why File a Tax Return?

Even if you earn less than $18,200 and claimed the tax-free threshold, you are only entitled to receive the amount of tax back that was actually withheld. If you paid tax during the financial year but earned below the tax-free threshold, you will be eligible to receive a tax refund. So, if tax was withheld from your pay during the year, you should lodge a tax return to get back the taxes you paid.

Record Keeping Tips

Keeping accurate records is crucial for claiming these deductions. You should have invoices, receipts, or some other type of written evidence of any tax deductible expenses. Electronic records are also acceptable, such as credit card or bank statements you download or access from the lender’s or bank’s website. It’s recommended to maintain your records for at least three years from the date you file your return.

Deduction Grabber App

To make record keeping easier, consider using the Deduction Grabber App. This free app allows you to snap a photo of your tax receipts and record your tax expenses as soon as you make them. It also includes an ATO compliant tax Motor Vehicle Logbook.

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