“Do I have to do a tax return this year?”
Here’s what you need to know…
As part of the government’s household assistance package, starting back in 2012, the tax-free threshold was increased from $6,000 to $18,200.
This means that some people who earn less than $18,200 may no longer need to lodge a tax return to the Australian Tax Office.
Let’s discuss three common cases to check whether you need to lodge a tax return this year.
Plus, we’ll tell you about the new, free Etax.com.au Non Lodgement Advice Service.
Example 1 – You earned more than $18,200
You must lodge a tax return.
If during the past financial year your taxable income was more than $18,200 you are required to lodge a tax return.
Do you fit in this category? Ready to start now? Click here to get going and you could be done is 15 minutes!
Example 2 – You earned less than $18,200, but paid tax on your income
You must lodge a tax return.
Even though you earned under the new tax free threshold, as you paid tax on your income during the year, you should lodge a tax return.
In this situation it’s likely you may get all of the tax you paid throughout the year back on your tax return.
Want that money in your account as soon as possible? Click here to start your 2015 tax return.
Example 3 – You earned less than $18,200 and paid no tax on your income
You might not need to lodge a tax return.
If you earned less than $18,200 AND you didn’t pay any tax on this income, then you may not be required to lodge a tax return this year.
In most cases if you fall into scenario 3, then you won’t need to lodge a return. However you may still need to lodge if:
- You are entitled to the private health insurance rebate
- You had a reportable fringe benefits amount on your PAYG Summary
- You had a reportable employer superannuation contribution on your PAYG Summary
- You made a loss or can claim a loss made in a previous year
- You were an Australian resident for tax purposes and you had exempt foreign employment income plus $1 or more of other income
Does example 3 apply to you?
Don’t need to lodge a tax return this year?
You still need to do something important…
You have to lodge an official “Non-Lodgment advice”. That’s where Etax Accountants (who run this website) will do something free and generous for you…
Etax Accountants FREE Non Lodgement Advice Service
Even if you don’t have to lodge a tax return this year, that does not mean you can just forget about it – you can’t ignore the ATO. You’ll need to submit a non-lodgement advice instead. This document explains to the ATO why you do not need to lodge this year and ensures they don’t list you as having an overdue return later on.
To help clients who need to submit non-lodgement advice, we launched the Etax.com.au non-lodgement advice service. And the best part – it’s free!
To take advantage of this service, simply register online at Etax.com.au and fill in your 2015 income and details. Our accountants will then match your details with ATO records and if you don’t need to lodge a tax return, we’ll submit a non-lodgement advice on your behalf, for free.