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Have you earned income less than tax free threshold? Points to consider before you decide not to file your tax return.

 

  • Is your taxable income below the tax-free threshold?
  • Are you of the opinion that you are not required to file the income tax return?

 

This may not be the case, even If your taxable income is under the tax-free threshold (In Australia $18,200) you may still need to lodge a tax return in certain circumstances.

 

Common reasons that make it necessary to file your income tax return even if your taxable income is below the tax-free threshold are:

 

  • You have had pay as you go (PAYG) withheld from payments received during the year? This is relevant for most people who have an income.
  • You have had reportable fringe benefits amount on your PAYG payment summary? If you are provided with a company car or other similar benefits, this may apply to you.
  • Reportable employer superannuation contributions appearing on your PAYG payment summary. This is the amount of super contribution by your employer above than what is required by the law.
  • If you made a loss or you have losses made in the previous year which you could claim in the current year. Losses can be claimed in the current year or carried forward and subject to rules could be claimed against the relevant incomes that you earn.
  • You were an Australian resident for tax purposes and had exempt foreign employment income and $1 or more of other income.
  • If you are entitled to the private health insurance rebate but did not claim your correct entitlement as a premium reduction.

 

(Source ATO)

 

Please contact our experts if you have any questions and they will attend to it. You can call them on (08)9242 3555 or email them at info@businessmantra.com.au.

 

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