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The financial year has ended and tax time is here once again. But how do you know if you need to file a tax return with the Australian Taxation Office (ATO)?
If you’re an Australian resident for tax purposes and you earned income during the previous financial year, you’ll most likely need to lodge a tax return. The same goes for non-Australian residents who have earned income from within Australia. However, there are certain scenarios and circumstances when you may not need to send a return to the ATO.
Read on to find out how you can discover whether you need to lodge a return for the current financial year or any previous years.
You’re required to lodge a tax return with the ATO if any of the following circumstances apply:
However, even if none of the above criteria apply to you, there are still many circumstances under which you are required to lodge a return. Examine the checklist below to find out how you can tell whether you need to file a tax return with the ATO.
You can also visit the ATO’s website to use its interactive “Do I need to lodge a tax return?” tool. This allows you to select an income year from 2012-13 to 2017-18, enter your financial information and work out whether you’re required to complete a return.
The information in the checklist below is taken from the ATO website. Use it to work out whether you need to complete a tax return this year. It is a basic checklist only, and you should consult the full list on the ATO’s website for more detailed information.
You will need to lodge a tax return for the 2017-18 financial year if any of the following apply to you in the past year:
The due dates for 2017-18 tax returns are as follows:
There are also specific situations when there may be no need for you to lodge a tax return. These include:
There are many more circumstances which may mean that you don’t need to lodge a tax return, but working out whether they apply to you can be a confusing process. If you’re at all unsure about whether you need to lodge a return, ask your accountant or registered tax agent for advice that takes into account your unique financial situation.
If you’re certain that you do not need to file a tax return for or the 2017-18 income year, you will usually need to complete a “Non-lodgment advice” form. This form is available for download from the ATO website or can be submitted through online services, and must be sent to the ATO by 31 October 2018.
Do you think you may be required to lodge a return for a previous financial year that you may have missed? To find out whether you need to submit a return, you can use the ATO’s interactive “Do I need to lodge a tax return?” tool.
This tool can help you understand your obligations for any financial year dating back to 2012-13, and the ATO also offers links to older tools to help you check your return requirements for earlier years.
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