DO I NEED TO LODGE A TAX RETURN?
You’re required to submit a tax return if you fit the following:
- Most resident individuals whose total assessable income exceeds the $18,200 tax-free threshold for the income year
- A taxpayer who last year paid Pay As You Go Instalment Tax irrespective of income (if you wish to recover the tax)
- Every individual carrying on a business regardless of income or loss
- A resident taxpayer earning less than $18,200 who’s had tax withheld from that income
- A taxpayer who’s been asked to submit a return by the Commissioner. A full tax return is required even if there’s no assessable income to report
- A resident minor (under 18 on 30 June) who received income from dividends or distributions greater than $416 and franking credits were attached or tax was withheld.
HAT TAX DEDUCTIONS CAN I CLAIM?
If you’ve spent money on something in order to do your job, such as uniforms, travel or ongoing education, you may be entitled to claim these costs. Remember – only claim what you’re entitled to and leave out private expenses.
WHAT EVIDENCE DO I NEED?
If you’re claiming more than $300 for work expenses, you need to provide written evidence to prove the total claim, not just the amount over $300. Documentary evidence generally needs to be kept for 5 years from the date you lodged your tax return.The documents must show;
- Date of purchase
- Item purchased
- Date the document was prepared
- Name of supplier
- Value of item.
Required documents may include:
- Payment summaries from payers, including Centrelink
- Receipts for deductions you are claiming
- Bank and credit card statements
- Statements from your financial institution, showing what interest you have earned.