Individual Tax Return

Maximise Your Refund with Our Individual Tax Return Service in Melbourne

It is essential to manage your tax affairs in Australia. You must obtain Tax File Number (TFN) If you earn income in Australia and must pay taxes on your income. Your annual tax liability is calculated through the annual tax return process when the individual tax returns are lodged.

For employees, income tax is deducted in each pay by employers during the financial year, which runs from July 1 to June 30. Self-employed individuals such as sole traders are responsible for making periodic income tax payments. At the end of each financial year, individual income tax returns are lodged just like other entities such as companies and trusts.

As part of tax return for individuals, we calculate the tax amount owed for the entire financial year, taking into account offsets, deductions and rebates. If the amount already paid is high or low, you’ll either receive a refund or owe additional tax to the Australian Tax office.

Understanding Individual Tax Returns in Australia

In Australia more you earn, the higher your tax liability. The Australian Taxation Office (ATO) manages collection of government’s behalf.

Income tax liability depends on your taxable income and incorporate following income –

1. Employment income such as Wages, allowances, director fee, tips, redundancy payments, fringe benefits and employer superannuation contributions.
2. Business income – such as income earned as a sole trader, income received from a partnership or trust distributions.
3. Investment income such as interest earned from your bank account or fixed deposits, dividends received on your shareholdings,
4. Foreign income,
5. Rental income,
6. Income from sale of property, shares or cryptos – this is classified as capital gains.
7. Income from managed funds.
8. Income received from Centrelink and other govt. payments such as aged pension, Youth allowance, parenting payments etc.
9. Superannuation pensions and annuities.
10. Insurance payouts such as claims made under income protection insurance policy.

Tax Free threshold for individual tax returns

As an Australian resident, income up to $18,200 in a financial year is tax free which is also called tax free threshold.

Individual Tax returns must be lodged every year. Some individuals, such as those whose total income is under the tax-free threshold i.e., $18,200 don’t need to lodge a return, but still need to lodge a non-lodgement advice. For any doubts, please contact tax experts at Expert Tax.

Lodgement due date for individual tax returns

You must lodge your tax return by 31 October each year If you’re lodging your own tax return. If you lodge your tax return through a tax agent, such as Expert Tax, then you will be granted an extension of this deadline beyond 31 October, but for this you must be listed with the ATO as a client of the tax agent before 31^st October.

Documents/information required to lodge individual tax returns in Australia

• Tax file number
• Bank account details in case of refund.
• Additional income details – business income, partnership income, trust distributions, interest, dividends etc.
• Partner’s income if married.
• For deductions, if total deductions are more than $300 –
  • Invoices or receipts – electronic copies are accepted.
  • Credit card and bank statements showing proof of payment for deductions.
  • Logbook for car expenses and details of other car expenses if claiming car expenses.
  • Donation receipts.

Ready to Lodge Your Individual Tax Return?

We help you grow and develop your business and wealth by implementing tax minimisation strategies that bring about improved tax refunds and reduced tax legal responsibility. In short, we suggest the proper steps to maximise your tax refund.

Expert Tax has numerous years of experience in providing individual tax return services in Australia.

Contact Expert Tax today and maximise your refund with ease. Call us on 0449 952 855 or book an appointment online!