Growler

Tax return if employed in australia????

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    Hi can anyone please tell me if im employed do i have to do an annual tax return in australia? Im sure ive read somewhere that everyone who lives in oz has to do one every year....?

     

    Many Thanks!!!!

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    Guest Ajwilko27

    Yes you do. You can do it from around June time and you have until October to do it. We go through an accountant, it's around $120 bit goes up each year. You get the accountant fees refunded the following year.

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    Yes you do. You can do it from around June time and you have until October to do it. We go through an accountant, it's around $120 bit goes up each year. You get the accountant fees refunded the following year.

     

    Oops, what happens if I didn't? Can I do a late one?

    Gill x

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    Oops, what happens if I didn't? Can I do a late one?

    Gill x

     

    Lol! We always do ours round about Christmas (to help out with the summer hols and the fact I'm not working!) but we were chatting with a guy in the pool shop (as you do lol) and he said he'd left his for a few years. All ok though 'cos although it turned out he owed tax, his wife had been putting money by just in case!

     

    So don't worry; just get it done - you never know, you might get some money back!

     

    :wubclub:

     

    LC

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    Guest magicsprout

    dont forget to keep all reciepts, medical bills, anything work related including petrol for courses and parking tickets for non standard work related expenses. moblile phone bills, ask your aussie work mates what they claim for get a list if poss and follow suit. it can be done online on etax easily enough if you have a simple claim

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    Guest BrummieCris

    It is compulsory for a tax return to be submitted if you have worked any time within the financial year, financial year ends June 30 you are meant to lodge a return anytime between june 30 till october 30, but you can get an extension until April if you are using a tax agent to complete it for you.

    If you havent lodged a return before, you would be well advised to see an agent, they will assist you and the ATO will usually, forgo any fines. ( as they can fine you for tax evasion. )

    The agent will help you claim everything you can claim, it is usually anything work related from shoes, to postage stamps, even laundry approx $3 per week too, even if you wash your own clothes, especially if it has a logo or uniform appearance. just about the only thing you cannot claim is the petrol of fare to and from work, but if you travel from one place to another within the day for work purpose, then you can claim the mileage, and petrol.

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    So just to get this right, im employed and get taxed every week on my wages....why do I have to do a return if ive already paid tax?

    It is compulsory for a tax return to be submitted if you have worked any time within the financial year, financial year ends June 30 you are meant to lodge a return anytime between june 30 till october 30, but you can get an extension until April if you are using a tax agent to complete it for you.

    If you havent lodged a return before, you would be well advised to see an agent, they will assist you and the ATO will usually, forgo any fines. ( as they can fine you for tax evasion. )

    The agent will help you claim everything you can claim, it is usually anything work related from shoes, to postage stamps, even laundry approx $3 per week too, even if you wash your own clothes, especially if it has a logo or uniform appearance. just about the only thing you cannot claim is the petrol of fare to and from work, but if you travel from one place to another within the day for work purpose, then you can claim the mileage, and petrol.

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    So just to get this right, im employed and get taxed every week on my wages....why do I have to do a return if ive already paid tax?

     

    Because this is Australia and that is the rules here. You don't have to claim for any extras if you don't want to, you can just put in the figures from the end of year thing your employer gives you, but it is compulsary for everyone to complete a tax return here. Even those that don't earn anything in the year have to complete a null return.

    Edited by NicF
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    I only worked 6 months of the tax year last year and my firm did my tax deductions but did not allow any tax free part of earnings so got 3k back after filing my tax return, so definitely worth doing.

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    As most people have stated you may be in line for a refund for example on allowable expenses or if you did not work for the full financial year and thus would have likely been taxed more.

     

    On the flip side of this it potentially could also mean you owe tax, for example if you have money in the Bank and earn interest, the Bank will not deduct tax on savings (so long as you have provided a TFN) and you are then meant to declare this on your tax return and pay tax at your marginal tax rate (MTR).

     

    Just for the record also, Accountants fees are not refunded the following year instead they are offset against your taxable income, so for example if you are in the 32.5% tax bracket (excluding medicare) then the fee is essentially reduced by 32.5% (apologies if this is what you meant AJ).

     

     

    Regards

     

     

    Andy

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