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Tax Return

A tax return needs to be lodged each year to tell Australian Taxation Office (ATO) your annual income so they can work out how much tax is payable. Tax returns cover the whole financial year, which starts 1st July and ends on 30thJune. If you've paid too much tax, then you will be entitled to a refund. By lodging a tax return, you can claim the overpaid tax money back.

Do I need tax return?

If you had any tax taken from any payment you received, you almost certainly need to lodge a tax return. If you do not lodge a tax return within the time frame required by ATO, you may have to pay a penalty.

When to lodge your tax return

If you prepare your own return, you be able to lodge by 31 October before the penalty kicks in. If you use a registered tax agent like CAG, you can usually lodge later than this, but you need to register with us as a client before 31 October to qualify.

Refund, assessment and amendment

ATO will process your tax return after the lodgement and issue you a notice of assessment, which shows the details of your tax refund or bill. You need to check your notice of assessment and tell ATO or tax agent if it's not correct. If you think you made a mistake on your return, you can lodge an amended return to fix the error.

As a registered tax agent, we can lodge your tax return on your behalf through our tax agent portal site and deal with any issues with ATO. Through an appropriate tax planning each year, you will be able to maximize the tax savings, many of our clients are surprise how much savings they were able to get with our professional Tax Planning advices. Please refer to our Tax Planning service for more information.

 

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