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Do I need to lodge an Income Tax Return?
YES, if you have:
- Paid tax during the financial year
- Eligible for senior Australian tax offset
Australian Government pension, allowance or payment
- Taxable income exceeded the tax free threshold amount
FOR MORE DETAILS CONTACT US.. WE WILL HELP YOU TO FIND AN
ANSWER
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How do I know whether I am a resident for tax purposes?
Generally, Australian Taxation Office consider you to be an Australian resident for tax purposes if:
- You have always lived in Australia or you have come to Australia and live here permanently, or
- You have been in Australia continuously for six months or more and for most of that time you worked in the one job and lived at the same place, or
- You have been in Australia for more than half of the income year. Unless your usual home is overseas and you do not intend to live in Australia.
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What are all the documents I should have to prepare my tax return?
- Keep all your PAYG Payment Summary statements received from your employers
- Keep the PAYG
Payment Summary received from Centrelink
- Bank statements highlighting interest received and No TFN amount
withheld
- All expenses documents that directly related to your income earning activities
- Private health
insurance statements, if any
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I am not eligible to have medicare benefits.. Do I need to pay medicare levy?
No. Persons who are not entitled to Medicare can seek an exemption to the Medicare Levy in their income tax return. To avail this exemption you must have a certificate from the Medicare Levy Exemption Certification Unit of Medicare Australia (previously Health Insurance Commission) showing that you are not entitled to Medicare benefits. WE CAN ASSIST YOU IN GETTING THE MEDICARE LEVY EXEMPTION CERTIFICATION, WHICH WILL RESTRICT 1.5% TAX TO BE LEVIED ON YOUR TAXABLE INCOME.
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I bought a laptop to support my work projects.. Can I get the laptop cost form the tax return?
Your laptop depreciation is an eligible deduction from your work related expenses. This will reduce your taxable income and tax on taxable income. Normally, you can claim 40% depreciation on your laptop from the date of purchase upto 30th June.
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This is my first year of income tax return. Shall I get all my tax paid as refund?
Your tax on taxable income depends on the tax tables provided by the Australian Taxation Office. However, if you are a resident for the full year and your taxable income is less than $6000, then you will get back all the tax withheld as PAYG tax from your wages.
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