If you earned some form of income during the previous financial year, whether you're an Australian resident or not, it's very likely that you need to lodge a tax return. However, there are certain scenarios and circumstances when you may not need to send a return to the ATO.
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.
The due dates for 2023–24 tax returns are as follows:
| Response | Gen Z | Gen Y | Gen X | Baby Boomers |
|---|---|---|---|---|
| Yes | 75.28% | 90.22% | 83.55% | 58.81% |
| No | 15.73% | 6.79% | 8.55% | 6.82% |
| I did not file taxes this year | 8.99% | 2.99% | 7.89% | 34.38% |
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 the previous 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.
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.
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.
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Hi, I am 60, a self funded retiree and receive an superannuation annuity of $4000 per month. I also earn bank interest on a cash investment of approximately $26000 per annum. Do I need to pay tax on my bank interest and lodge a tax return?
Thanks
Net
Hi Net,
Yes, your bank interest is classified as income by the ATO so you need to declare it as income and file an annual tax return.