What is tax return?
Tax return is an official documents filled with tax authority that reports your incomes, expenses and other relevant financial information.
Do you need to lodge a tax return?
There are many reasons and circumstances that requires you to lodge a tax return for example:
· During 2019-20 you were an Australian citizen
· Paid PAYG withholding
· Had tax withheld from payments made to you
· You were eligible for seniors and pensioners tax offset, and your own income was more than $28,000 AUD.
Please contact your acocuntant agent if you are unsure whether you need to lodge.
Who can lodge a tax return beside you?
· You as an individual can prepare your own tax return or:
· A family member or a friend can lodge it for you but they cannot sign your name or claim fees.
· Official "Tax help" can advise you with free of charge but cannot lodge it
· The registered tax agent can prepare the full tax return for you with fees
When should you lodge a tax return?
For year 2020 you must lodge your tax return before 31 October 2020, otherwise ATO may apply penalty to your fees, unless ATO has allowed you to apply for a later date. If you have difficulties lodging your tax, then contact our office or directly the ATO to let them know of your situation.
How to lodge a tax return?
You can lodge it online using official "myTax" app from ATO or let your accountant agent to lodge it for you.
For more detailed information, please go to: https://www.ato.gov.au/Individuals/Tax-return/2020/Before-you-start/
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