How to do a Tax Return in Australia?
The end of the financial year is almost here, and that only means one thing: it’s time to start thinking about lodging your tax return!
Here is everything you need to know on how to do a tax return in Australia.
The financial year the specific time period used for tax purposes. The Australian financial year starts on 1 July and ends the next year on 30 June.
Do I have to lodge a tax return?
If you worked while staying in Australia it's likely you will have to lodge your tax return.
And if you've been studying in Australia for more than 6 months, you'll be counted as a resident for tax purposes in Australia.
If you have earned more than $18,200 you will need to lodge a tax return at the end of the financial year.
If you have earned less than the mentioned amount, and had no tax withheld, you might not need to lodge a tax return. If you did earn below this threshold and still paid tax, you should lodge a return as it is likely you will be eligible for a refund of the tax paid.
If your circumstances are such that you don't need to lodge a return you still should provide a non-lodgement advice to the ATO in order to notify them that you won't be lodging. This ensures that you don't get marked down as having an outstanding return, which can carry penalties.
Check the Australian Taxation Office website for more information.
When do I have to lodge my tax return?
You have time from the 1st of July until the 31st of October if you are lodging your own tax return. The deadline is extended if you are appointing a tax agent to do it for you.
*Don’t have a tax agent but need one?
Contact us and we can recommend some good tax agents for you. 📩
How do I lodge a tax return?
- The easiest way is to lodge your tax return online through the ATO website myTax
You will have to create a myGov account and link it to the ATO.
- Lodge a paper tax return
- Use a registered tax agent
If you are working on a Tax File Number, the process is easy and you can simply do it yourself, however if you are working on an ABN you may need professional assistance with your lodgement.
Tax agents and tax professionals will charge a fee of around $100 to $200 on average to fill in and lodge the tax return on your behalf.
What do you need?
- Your tax file number
- A photo ID (a passport)
- Your PAYG Payment Summaries. At the end of each financial year your employer should provide you with payment summaries. These provide details of the amount you’ve earned and the amount you’ve been taxed. You’ll use this information to fill out your tax form. Employers should give these to their employees by 14 July.
How long does it take?
If you lodge your tax return online, you’ll most likely get your refund in about 2 weeks.
For more tax related information please visit the ATO website
Contact us if you need assistance with your tax return lodgement