Salaried employees are required by law, to lodge their individual tax returns by the due date every year.
And as individuals, many work related tax deductions are available to reduce your taxable income and tax liability.
Examples include: usage of a car for work purposes, working from home, training and study-related expenses, and many others.
As an individual, you can also claim a deduction for donations made to registered charities, as well as your tax agent fee.
Below is some useful information to help you get the most out of lodging your tax return:
As an individual, you must lodge income tax return Australia if :
If you are an Australian resident for tax purposes, you must declare all income earned anywhere in the world, in your tax return.
You will still be entitled to a tax free threshold of $18,200, as well as being liable to tax on income above this threshold.
Foreign residents must declare any income earned in Australia in their tax return.
This could include employment income and capital gains, and there is no tax-free threshold for foreign residents.
Maximizing your deductions can boost your tax refund significantly.
As each circumstance is different, it is best to speak to an experienced Tax Accountant Perth to get the best result for your Individual Income Tax Return planning.
One good tip is that any loss you make on your investment property due to interest payments and depreciation, can be offset against your salary income.
This can be a significant tax benefit to individual taxpayers in reducing their tax bills.
At Tax Return Perth, we help each individual assess the appropriate criteria when filing their income tax return.
This enables our clients to get the best available rebates, concessions and deductions, according to their individual status.
You must lodge your individual tax return by the 31st October each year.
The ATO imposes strict penalties for late submission of tax returns, and you could be paying as much as $900 per return.
Fortunately, if you are lodging your tax return through a tax agent, the time allowed to lodge your return is extended until the 15th May the following year.
So, to be on time and save your tax penalty, get in touch with the best tax return consultants in Perth – Tax Return Perth.
Are you struggling to assess and audit your tax liability, and unable to submit your income tax return within the prescribed time-frame?
Then don’t delay and run out of time in assessing your tax liability.
Tax Return Perth can help you get the maximum rebate and concession from your income tax return.
At Tax Return Perth we have a great team of experienced and expert consultants who can provide you with the best professional help regarding your financial planning and management issues.
We can also help you to organize and maintain a systematic record of financial events relating to your business.
You just need to focus on your core business tasks, and leave all of the financial management to us.