If you work or if you earn any sort of income through investments, you're required to lodge a tax return with the Australian Tax Office (ATO) each year. Sounds like a yawn, but it's actually a pretty simple and straightforward process – and you might end up with a refund.
The financial year runs from July 1 through to June 30, which means your tax return needs to be lodged after July 1 each year. In 2024, July 1 brings with it plenty of changes, most of which will benefit you. So here's a run-through on how to lodge your tax, what's changing, and how to boost your chances of a healthy tax refund.
July 1's tax cuts means a boost to your home loan application and help you buy a home sooner, thanks to a boost to your borrowing power.
Read more…
Get your financial life sorted before 1 July, maximise your tax return and become a life admin superstar with this EOFY checklist.
Read more…These are not just related to your income tax – we're also sharing changes that could change your income:
| Response | |
|---|---|
| Yes | 63.75% |
| No | 36.25% |
If you've earned any money in Australia throughout the financial year (1 July to 30 June) you need to declare this at tax time. If you've paid too much tax throughout the year you'll get some back in the form of a return. Or, if you haven't paid enough tax you'll need to pay more. Your tax return is also a chance to declare work-related expenses as deductions, to boost your return.
If you're after a bit of help with your tax return, an Australian tax agent can help you correctly lodge your tax return.
"In the second year of doing my tax return as a non-permanent resident I realised that I could claim the taxes I had paid in the year for Medicare as I am not eligible for it. Once my accountant told me this, all I had to do was fill a form which was submitted with my tax return. I was even able to submit one for my first year when I didn't claim it. Depending on how much you are earning it can be upwards of $2000!"
For a more detailed overview on each of these steps, read our longer guide on how to complete your tax return.
"When deciding if you need to lodge a tax return, it's important to consider whether you have capital gains or foreign income. Even if your taxable income is below the tax-free threshold, you must still lodge a return if you've realised any capital gains (such as from selling shares, cryptocurrency, or property) or received foreign income. This is crucial because the ATO requires you to report these types of income, and their reporting capabilities are continuously improving. Failing to declare can result in significant fines and penalties"
You can complete your tax return yourself online for free using the ATO's tool myTax, or you can seek support from a registered tax agent. Both options have advantages and disadvantages.
Unsure if you should do your tax online via myTax or use a tax agent? This guide compares both options side by side so you can see the pros and cons of each, and decide which option is right for you.
"Most people earning an income in Australia will need to lodge a tax return, and while this comes with some administration work, it also comes with an opportunity. When you use the rules to your advantage, you'll keep more of your hard-earned income and get ahead faster. Like anything worthwhile, tax planning is a skill set you build over time, and building your knowledge is the first step. "
A tax agent will ensure you've lodged your return correctly, and they can help maximise your refund by claiming more deductions that you're eligible for.
In this guide you can compare a range of online tax agents that each offer a different level of support, from just a little bit of help all the way to a full-service tax agent.
Claiming tax deductions for work-related expenses you've paid throughout the year can help reduce your taxable income and get you a bigger tax return. But it's important to claim only what you're legally entitled to.
This guide outlines how tax deductions work, and lists a huge number of deductions that you could be eligible to claim when lodging your tax return. It also includes the tax dedications you're eligible to claim without receipts.
You need to make sure you've successfully lodged you tax return ahead of the deadline set by the ATO each financial year, or you risk getting a penalty. There are different deadlines you need to be aware of depending on how you choose to lodge your tax return.
This guide outlines your requirements for lodging your tax return by the due date, and explains how you can get yourself a six-month extension.
DISCLAIMER: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information applicability to their own particular circumstances.
Lodging your tax return yourself online via myGov is free, but a professional tax agent can help you maximise your refund and save you time.
Mark Chapman goes through the tax requirements you need to know about if you're an Uber driver, Airbnb host or do other work in the gig economy.
Here's what you can and can't claim in your tax return. See our checklist here and know what receipts you need to keep.
Your tax return has a different deadline depending on which financial year you're filing for, and whether or not you're using a tax agent. See which tax return due date applies to you in this guide.
How does income tax work, and how can you save money on your next tax return? Find out in this handy guide.
If you earn interest from a savings account, you need to pay tax on that interest at the same rate as the rest of your annual taxable income.
We’ve put together a list of our best tips for boosting this year’s tax return. Maximise your tax refund today.
Use our tax calculator to estimate how much tax you'll likely pay this financial year, and how much tax you could get back in your tax return.
Hi
how can I find a Tax agent through your website ? Let’s say Fin tax Group. It does not let me the option of choosing the agent
Hi,
You can use our site to compare some different tax agents and when you’ve found one you’d like more information on you can visit their site directly. We don’t currently link directly to their sites.
Thanks,
Alison
I have a friend who has just sold their family home in China. They will move here permanently soon. What is the best way to transfer the sale money to Australia? Is it taxable? If they send in multiple amounts less than $10,000 is that OK?
Thank you.
Hi Philly,
Thank you for getting in touch with Finder.
According to our review on tax implications on large money transfers, if someone is planning to send a large sum of money to you in Australia, you could be on the hook for taxes regulated by the Australian Taxation Office (ATO), depending on the reason why they are sending it to you.
You may also refer to our guide on how your friend from China can open a bank account in Australia.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
My previous employer sold the business I work for early this year, he never sent me a group certificate and I cant phone him to get one sent. How do I lodge with out that group certificate? Any help would be appreciated.
Hello Sharon,
Thank you for your inquiry.
You may consider checking the pre-filing service in myTax if your employer is unable to give you a group certificate. There are ways on how to get it without your employer, usually a statutory declaration is no longer required.
Alternatively, you can review ATO page regarding details about obtaining payment summary information, which includes a gross pay estimator to help you reconstruct.
Hope this helps.
Cheers,
Jonathan
Last year [2015-16] I downloaded an ATO app. Filled it out with my Income/Expenses (tax relevant) and then lodged it online. Question – Can I do the same this year?
Hi Denis,
Yes, you can lodge your tax return the same way. Please make sure to lodge your tax return by the 31 October deadline to avoid penalties. If you are completing your own tax return and are unable to lodge by 31 October, kindly contact ATO as soon as possible.
Cheers,
Liezl
Is it possible to do my return now.I haven’t earnt any money this financial year. My only income has been centrelinks newstart .I am owed $2146 from tax i paid from a super claim.as my circumstances will not change and it was only one day that stopped me claiming last year .I wonder if i could do it now as I’m in a desperate situation.i have a car which doesn’t go and am going to living in it unless I can find a way to pay overdue rent.I have serious back issues that will get worse if this happens .thank for you time.Christine
Hi Christine,
Thank you for your inquiry.
If you want to find out if you can lodge a return for 2015-16, you’d need to read ATO’s lodge a tax return guide. If you can lodge, then there are instructions from the Department of Human Services that you can follow on how you can lodge your tax return.
Hope this helps.
Cheers,
May