With the new financial year come new changes and adjustments to the tax system and your options for lodgement including the expanded use of your myGov account. The overwhelming paperwork and figures required by the Australian Tax Office (ATO) understandably makes this period a stressing and tedious experience for taxpayers. In the broadest sense, anyone who has earned over the tax-free threshold during the 1 July – 30 June financial year is expected to submit an individual tax return to the ATO.
Get ready before the Deadline
Personal Income Tax Returns address all significant financial transactions by the taxpayer for the year. So this includes not only income from employment and wages but also regular income from investments and rental properties as well as one-off payments as a result of the sale of assets. Additionally, any losses incurred during the period also affect the net amount of taxable income and hence the total amount of tax payable by the taxpayer.
The deadline of 31 October 2015 for lodging your tax return with the ATO can be extended if you are registered with a registered tax agent such as ourselves. However you must remember to register as a client before the 31 October date in order to be eligible for this later lodgement date. Be sure to contact us before 31 October in order to qualify for this concession.
Useful tips:
This tax return covers the financial year, which runs from 1 July to 30 June, not the calendar year. You are then given from 1 July to 31 October to lodge your return.
You are able to lodge your return before the end of the year only if you definitely know your income and are leaving Australia permanently.
Though you are able to amend mistakes, do not lodge an incomplete tax return, as your tax return will only be considered lodged on the date the ATO receives your completed form.
If you are registered to myGov and have linked the ATO, you will receive all correspondence directly through your myGov inbox, and will no longer be mailed to you or your tax agent.
Lodging your return through a registered tax agent significantly extends the deadline. It is vital to diligently submit your tax return to avoid incurring penalties and increasing the possibility of being audited – we can help you with this.
What is needed?
Payment summaries – a payment summary, which shows how much income you received and how much tax was withheld, from each employer or payer you received income from during the financial year.
Financial documents or records – You will need your financial documents or records to work out the amounts to enter at each item of your tax return. Even if you use a tax agent, or get help from a Tax Help volunteer, you will still need all your records for them to work from.
Tax file number – Your tax file number is necessary in order to lodge a return. If you do not already have a tax file number, you must apply for one.
Electronic funds transfer (EFT) details – If you lodge your return electronically and expect a refund, you will need to provide your Australian bank account details.
What do I lodge?
For all Australian residents with a global business reach, when tax returns are lodged you are required to report your worldwide income to the ATO.
A foreign resident needs only to lodge a tax return if their income is taxable in Australia. This does not include income from which non-resident withholding tax has been deducted.
Are there any penalties if I don’t lodge?
If you are required to lodge a tax return but do not do so, you will be subject to pay a failure to lodge on time penalty of $180 for every 28 days overdue up to a maximum of $900
Here at The Quinn Group, our team of experienced Tax Agents and Tax Accountants are able to help assist with your tax return lodgement or all other tax and ATO related issues. For more information, or a FREE Tax Record Kit, please submit an online enquiry, or call us on 1300 QUINNS (984 667).
