Tax Returns for first timers

At Expert Tax, we understand that completing and lodging your tax return can be confusing.

Do I need to lodge a tax return?

Taxpayers who must submit a tax return include:

• most resident individuals whose total assessable income exceeds the $18,200 tax-free threshold for the income year
• a taxpayer who last year paid Pay As You Go Instalment Tax irrespective of income (if they wish to recover the tax)
• every individual carrying on a business or profession regardless of income or loss
• a resident taxpayer earning less than $18,200 who has had tax withheld from that income
• a taxpayer who has been asked to submit a return by the Commissioner.  A full tax return is required even if there is no assessable income to report
• a resident minor (under 18 on 30 June) who received income from dividends or distributions greater than $416 and franking credits were attached or tax was withheld.

If you do not lodge a return for a particular year, the ATO may send a request to lodge. It is a good idea to notify ATO if you are not required to lodge a tax return. Contact Expert Tax for further assistance.

When are the deadlines and timing?

The lodgment dates are as soon as practicable after 30 June and before 31 October (last day for lodgment) each year.  Extensions may usually be granted if written notice is forwarded to the Commissioner before 31 October.

Tax agents, like Expert Tax, are normally granted extensions beyond 31 October for taxpayers who are listed with the ATO as their clients by that date. Contact Expert Tax on 0449 952 855 for further assistance.

What can I claim?

You can claim deduction for work related expenses such as uniforms, travel expenses, mobile phone, ongoing education related to current employment. You can also claim other deductions such as donations made to charities and fee paid to tax agents such as Expert Tax for lodgment of your tax return.

Evidence Required

If you are claiming more than $300 for work expenses, written evidence must be kept to prove the total claim, not just the amount over $300. Documentary evidence must be kept for 5 years after the later of 31 October in the year the return has been lodged or from the date of lodgment.

The records that you need to keep are receipts, invoices or similar documents, except where a diary is sufficient.

The receipt must show:

• date of purchase
• item purchased
• date the document was prepared
• name of supplier
• value of item

Note – This article intends to provide general information for taxpayers. Actual detail and circumstances differ, contact Expert Tax to discuss your situation.

If you are not sure if you can claim a deduction, keep the receipt and we will ensure that we claim all allowable deductions whilst preparing your tax return.

For further assistance, contact Expert Tax on 0449 952 855 or email us your query at info@expert-tax.com.au

We are open nights, Saturdays & Sundays. We work around your schedule.

You can also send us your query via the contact us form.

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