How much tax I will get back?
Please note that we will not be able to answer this question till you lodge your tax return.
The tax refund depends on many factors including your residency status, income and tax you have paid. We also need to consider the work related expenses you have incurred.
When can I lodge my Tax Return?
You have until the 31st October each year to complete and lodge your Income Tax Return. Any return that is lodged after the 31st October may incur an applicable fine/ Penalty. Maximum penalties are even higher. To ensure you will not be penalised for lodging a late return, please prepare your return before the due date for lodgement.
What is a PAYG Payment Summary?
You will need to have all copies of PAYG (Pay-As-You-Go) Payment Summaries for the financial year in your possession. The PAYG Payment Summary (formerly the Group Certificate) is a statement that details both the Gross Earnings and PAYG Tax that was paid for the financial year.
When will I receive the PAYG Payment Summary from my employer?
You should be issued the PAYG Payment Summary at the end of the financial year generally by the 14th July. If, however, you are leaving prior to the end of a financial year, you may request a statement of earnings or similar statement from your employer upon termination, where it should usually be sent to you within 14 days.
Can you complete my tax return if I am missing a PAYG Payment Summary (group certificate)?
Your return can be completed using the details from a copy of the PAYG Payment Summary (your employer can provide this), a letter from your employer detailing the information on the PAYG Payment Summary or by reviewing your pay slips for that period. If you are unable to obtain the payment summary details from an employer a Statutory Declaration would need to be completed.
I received an additional PAYG Payment Summary (group certificate) after I completed last year's tax return. Can I put it in this year's return?
No. A PAYG Payment Summary from a past year cannot be included with the current year tax return. It can only be included in the return for the year to which it relates. You will need to submit an amendment to last year's tax return.
I am three years behind in lodging my tax returns. Will I get into trouble?
You should lodge your outstanding tax returns as soon as possible and before the Australian Taxation Office takes any action to have you lodge these tax returns. Once they have begun any action, it could result in a court conviction. The ATO may charge an applicable penalty for every 28 days that the return is outstanding. The maximum penalty is higher even if you are due a refund. In addition, the ATO will charge interest. This is called the General Interest Charge and is levied on any outstanding monies.
I have started a second job. Is there anything that I need to do so that I don't end up with a tax bill at the end of the year?
You cannot claim the tax free threshold from more than one employer at a time. It is better to claim it from your main employer. You will pay a little higher rate of tax on the second job but this should ensure that you have paid enough tax on all of your wages for the year.
My wife stays home to care for our children. During the year she worked for one week and has received a Payment Summary showing that she earned $480 and a small amount of tax was taken out. She has no other income and doesn't think she needs to lodge a return because her income is less than the tax free threshold. Is she correct?
Yes, Your wife need to lodge a tax return even though, her income is below the tax free threshold. Any earnings that have had tax withheld, no matter how small, are required to be reported on a tax return. This is the only way to get a refund of the tax paid.
Do I need to bring my partner with me to complete my tax return?
It isn't necessary but it is helpful as they can assist with family details. There are a number of questions concerning dependants, dates of birth and medical details.
Do I need to lodge Tax Return if I have an ABN and I have not earned anything/ not done any activity through ABN (means No Activity from business) during the financial Year?
Yes, You Need to lodge a tax return. If you have not earned anything from ABN, still you need to lodge your tax return every year. Logic is that, you have an ABN (Australian Business Number), means you are doing a business in Australia. and Every Business (means ABN Holder) has to submit his business tax return every year whether they do any activity or not. If you do not carry on business anymore, you need to surrender/ cancel your ABN within 28 days. So, either you cancel your ABN or you lodge your tax return, if you intend to continue your business and want to hold your ABN as active.