A Guide to Lodging Tax Returns in Perth
Tax returns for the tax year in Perth, and the rest of Australia, begin on 1 July and end on 30 June of the following. They are generally due on 31 October, after the tax year has ended. Extensions are typically granted if written notice is submitted to the Commissioner before the deadline. The Tax Agent also is allowed to sometimes submit at a later date.
The people who are legally required to file a tax return include the following:
- Residents whose aggregate assessable income surpasses the $18,200 tax-exempt limit for the Tax year
- Taxpayer who paid Pay As You Go Installment Tax regardless of salary in the previous year (assuming that they wish to retrieve the tax)
- Each individual operating a business or practicing a profession, without regard to income or loss
- A resident taxpayer who has tax withheld from an income that is less than $18,200
- A taxpayer who has been requested to file a tax return by the Commissioner. A complete tax return is necessary regardless of the fact that there may not be any assessable income to report
- A resident minor (under 18 on 30 June) who earned income from profits or dividends amounting to more than $416 and franking credits were included or tax was withheld. Visit http://en.wikipedia.org/wiki/Accounting_records or read on below.
Ways to Complete a Tax Return
Lodging a tax return can be a challenging task even under the most favorable circumstances. It is important to be very thorough and precise when detailing the required information. In fact, the law is not very lenient when it comes to mistakes or misleading claims in tax returns. However, with the development in technology, there have been strides made in making the process easier for many people. Nevertheless, for people who are not adept in handling new technology, the process may still cause confusion. Here are some of the options through which you can file your tax return.
Obtaining a Paper Return - To order an individual paper tax return, you can call 1300 720 092 and order your form using their automated service. You can also visit an ATO shopfront or their website for downloadable and easy to print forms. This method is ideal for those who are technologically averse, or those people who do not own any businesses or properties. This is a simpler way for them because they do not have to filter through numerous options that are involved in the online form. You do have to submit your paper return earlier than the due date, because it will take at least 7 days for the ATO to receive your documentation by mail.
Lodging Returns Online - There are apps and software which you can download to cut down the process in lodging tax returns. This option would also enable you to lodge your return even though you are in an overseas location.