A Tax Return is a form on which a taxpayer makes an annual statement of income which needs to be lodged by certain taxpayers. The completed Tax Return is then used by the Australian Taxation Office to determine how much tax the individual is liable to pay. So, you may be wondering “do I need to lodge a tax return?” We explore who is required to lodge a tax return in more detail below. Whether you need to lodge a tax return can change from year to year, so it is important to check with an Accountant about your liability each year to avoid legal problems and potential fines. You may not be aware but not everyone is required to lodge a tax return; you are required to lodge if:
- You had tax withheld from payments made to you
- There is a reportable fringe benefit amount shown on your Payment Summary
- There is a reportable employer superannuation contribution shown on your Payment Summary
- You carried on a business at any time during the year
- You received income from dividends or distributions exceeding $18,200, and there were franking credits attached or tax was deducted from those receipts
- You incurred an overall loss in this year, or you are entitled to a deduction for a prior year loss
- You made personal contributions to a complying superannuation fund or retirement savings account and you may be eligible to receive a super co-contribution for those contributions
- If the contributions made to your personal superannuation fund have exceeded your after or pre tax cap for the year
- You were required to lodge an activity statement under the PAYG system
- Tax was deducted from any interest, dividends or trust distributions because you did not supply your TFN to the investment body
- You are a liable parent or recipient parent under a child support assessment
- You are receiving income from a foreign source
Still unsure if you need to lodge a Tax Return?
If you are still unsure whether you need to lodge a Tax Return or not, contact an expert specialist at ITP Queensland. Our team of qualified tax specialists have been serving Australia with tax advice and guidance for over 40 years. Don’t leave something as important as your Tax Return to chance, as doing so could cause serious problems for yourself. Don’t hesitate and contact us today or call 1300 555 773.