Get the Income Tax advice that’s right for you
Income tax in Australia is a vital revenue stream to the Australian Government. Tax is collected upon three foundations of income for individual taxpayers: personal earnings (such as salary and wages), business income and capital gains. Collectively, these three sources of income tax account for 67% of federal government income.
By being an Australian taxpayer, you are helping to support some of Australia’s most important recourses;
- Social Security and Welfare
- Public Transport
- Public Order and Safety
- Agriculture, forestry and fishing
- Recreation and Culture
- Fuel and Energy
We understand that paying tax can be a strain, but at least you know you’re making a big difference for our country!
Fortunately, you can claim some, if not all, of your paid tax back!
After the financial year ends (1st July – 30th June), you can lodge a tax return; this allows you to claim deductions such as work related expenses, donations, and tax agent fees so that you can reduce the amount of tax payable, thus increasing your refund.
It is important to know that tax returns must be lodged no later than the 31st of October. Failure to lodge by the due date can result in fees and penalties.
So, in the weeks leading up to the end of the financial year, ensure that you are prepared to complete your tax return.
You will need to obtain:
- Your group certificate/payment summary – this is a document given to you by your employer, which outlines your income, tax withheld and allowances.
- Your tax file number (if no group certificate can be retrieved)
- Employee Termination Payments (if applicable)
- Government Pension and Allowance Payment Summary (if applicable)
- Interest amount that you have earned in your bank accounts
- Superannuation Income Streams or Annuities and Super Lump Sum Payments (if applicable)
- Health Fund statement (if applicable)
- Expense Receipts – when claiming work related expenses and deductions having receipts for your expenses is imperative as this will allow you to appropriately claim the right amount.
- End of Year Rental Schedule/Summary – this is only for those individuals who have rental properties, and it is extremely important. It is a document given to you by your real estate, which outlines your rental income and expenses for that year.
- Sole Traders and Partnerships also need to make sure that they have all their invoices and receipts, to ensure that the right figures are reported to the Australian Taxation Office.
If you have any questions regarding your tax position or lodgements either call or come in and see us!