Tax returns for first time lodgers

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.