Lodging Your Tax Return
For most of us lodgment of our income tax return is not the most favorite pass time, but as a wage earner we all have to take a little time out to organise ourselves to declare all of the income that we have earned over the financial year (you may need to lodge a return even if your income is below the tax free threshhold of $18200 and you paid income tax) less the expenses that can be deductable.
When do I have to lodge my return?
Tax returns need to be completed between the 1st of July and the 31st of October. Extentions are available for taxpayers if they are on an Australian Tax Office list belonging to a Registered Tax Agent, like Absolute Accounting Solutions.
What do I declare as income?
Income is all of the money that you earned with an employer, payments from centrelink, the interest your bank accounts earned, rent earned from and investment property - this includes the shared economy (for example - Air BnB), dividends on shares that you may have. This list is not exhaustive but gives you a good start.
What are my deductable claims?
Deductions can be specific, and highly dependent on your individual circumstances. Receipts will need to be kept and you can only claim what you are entitled to, if you need help call us on 1300 488 330.
Tax return fees are tax deductable and start from $120.00
Absolute Accounting Solutions, also offer a range of services to help small business owners with tax, bookkeeping/accounting services and virtual assistants.
For more information regarding your tax returns call us on: 1300 488 330