This may surprise many people, but not everyone needs to file a federal tax return. The amount of income you can earn before you are required to file a tax return also depends on your income type, age and filing status. Whether or not you need to file is primarily based on your gross income level and status for the tax year. However, remember that even if you aren’t required to file because of your gross income, you may still be eligible for a refund.
Your tax return will calculate the exact amount of tax you should have paid for that year, taking into account various deductions, offsets and rebates. If the amount already paid is incorrect, you will be issued with either a bill for an additional tax that needs to be paid or a tax refund. The Australian Tax Office assigns a unique tax file number to everyone who works or receives benefits in Australia. You need to contact the Australian Taxation Office to apply for a tax file number.
Most people need to file a tax return each year. Some people, such as those whose total income is less than the tax-free amount ($18,200) don’t need to lodge a return. This does not mean you can ignore your taxes. Everyone must either lodge a tax return or a “non-lodgment advice” form. If you earned less than $18200, but still paid the tax, you should lodge a tax return.
A non-lodgment advice (also known as an NLA) is a form sent to the ATO if you do not need to lodge a tax return. This document tells the ATO you won’t be lodging a tax return this year and ensures they do not mark you down as having an outstanding tax return. This is important as the ATO can impose penalties or fines on outstanding tax returns. Number Solutions specialises in providing competent accounting solutions to businesses, individuals and nonprofit organisations in Sydney. We can help you understand the complicated tax regulations so that you complete your duties in time and enjoy some peace of mind.
Ensuring Success in Trust Account Audits NSW Navigating the complexities of trust account audits can be daunting for real estate agents in New South Wales.
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