Australian tax return

[Leeds1877]

Hi

 

Trying to work out if we need to fill in a tax return in Australia. What are other people's experience? Can anyone recommend who we contact or are there any advisors on PIA who we can contact for assistance.

 

Thanks

[robeaves]

As far as I am aware everybody has to fill out a return. It's really easy using eTax via the ATO website. Not until after June though.

 

You can pay a tax agent to do it for you which is tax deductable on next years return.

[Leeds1877]

Am just trying to plan ahead. We have left all of our savings in the Uk so are unsure how this will affect this years return and future ones when we trf it over. Also wanted advice as we have shares in London FTSE that will be selling in next year and wanted to know how we would work that in and what the taxable amounts would be etc...I am guessing I will need to book time with an advisor so maybe there will be one on here. If not will sort one out myself..

[Guest Guest12727]

Am just trying to plan ahead. Also wanted advice as we have shares in London FTSE that will be selling in next year and wanted to know how we would work that in and what the taxable amounts would be etc...I am guessing I will need to book time with an advisor so maybe there will be one on here. If not will sort one out myself..

 

As robeaves said it is pretty straightforward to complete your own tax return online with eTax if your situation is standard i.e. you are employed and pay tax through your employer. The employer provides a summary of your earnings and tax paid in July and this is the basis for your return. You then include any income from savings (including foreign savings) and any allowable deductions such as work related expenses such as uniform, books and training courses related to your work if you have paid for them yourself. Also information about any children etc.

 

If you have any other income, ie from stocks and shares, foreign investment, property rental income etc, it is worth seeing a tax accountant. There are loads of them and they advertise extensively when it gets close to tax return time. They range from individual accountant in their own business to large organisations with branches all over. There are many in the North East, look in the local business directory or yell.com.au for tax accountant.

 

To help you decide if you need an accountant, you can look at eTax and see if you think you can complete it yourself this year http://www.ato.gov.au/individuals/

 

​Glad you are liking the NE area.

[Andrew from Vista Financial]

As robeaves said it is pretty straightforward to complete your own tax return online with eTax if your situation is standard i.e. you are employed and pay tax through your employer. The employer provides a summary of your earnings and tax paid in July and this is the basis for your return. You then include any income from savings (including foreign savings) and any allowable deductions such as work related expenses such as uniform, books and training courses related to your work if you have paid for them yourself. Also information about any children etc.

 

If you have any other income, ie from stocks and shares, foreign investment, property rental income etc, it is worth seeing a tax accountant. There are loads of them and they advertise extensively when it gets close to tax return time. They range from individual accountant in their own business to large organisations with branches all over. There are many in the North East, look in the local business directory or yell.com.au for tax accountant.

 

To help you decide if you need an accountant, you can look at eTax and see if you think you can complete it yourself this year http://www.ato.gov.au/individuals/

 

​Glad you are liking the NE area.

 

 

Good explanation Howde