According to the Australian Bureau of Statistics, taxation revenue contributed about 27.8 percent of Australia’s GDP in 2019-20. This revenue is a significant contribution to the economy hence each state in Australia is keen to ensure citizens file tax returns. You could land yourself in hot water if you don’t do it right too.
Read on to learn what you need to know for individual tax returns in Brisbane.
Types of Taxes
There are various types of taxes in Brisbane, mainly individual taxes and business taxes. For individuals, the ATO issues: income tax, superannuation, and retirement tax, and property tax.
Meanwhile, the essential taxes affecting businesses are Company (income) Tax, Goods and Services Tax, and Capital Gains Tax.
Let’s not forget our old friend GST on any sales as well.
Filing Tax Returns
The cut-off date by which you should file tax returns is 31 October each year. But you can (should) do it as early as July. You just have to wait for your employer to release your income statement.
When filing a tax return, ensure you include the amount of money you earn and any expenses you can claim.
Filing/Lodging Returns Options
There are various options for filing tax returns in Brisbane as follows;
Filing tax returns online with myTax – This is usually the easiest option. We wouldn’t recommend this if you have some complex deductions to make or you are worried about making mistakes.
Filing a tax return with a registered tax agent – Although it costs money to use an agent, they can help you get a bigger tax return. It’s also much safer to make sure you haven’t made any mistakes while filling in the return.
Filing a paper tax return – Not many people still use submit a tax return on paper. Yet, it’s still possible.
Preparing for Tax Season
Tac time can be stressful. But, the following tips will be vital in your preparation for tax season:
Know What Expenses You Can Claim
Claim work-related expenses like uniforms, motor vehicle, telephone bills, equipment, and travel expenses that you paid directly from your pocket. It’s a good idea to keep note of this all year.
Know What Income You Have to Declare
For instance, file all your income; declare any interest you got, salaries and wages, foreign pay, government allowances, and superannuation payments. Don’t forget capital gains either.
Save The Documents That You Will Require at Tax Time
You can use digital apps such as Receipt Bank or a classic shoebox to collect all your financial statements and receipts throughout the year. Keep them handy while filling in your tax return or hand them over to your tax agent.
Pay Attention to Deadlines
As aforementioned, the deadline for tax returns in Brisbane is 31 October. You should be aware of this date if you need to prepare your tax return. You may also use a registered tax agent to ensure you adhere to the appropriate deadlines.
You Can File Returns Electronically
ATO’s myTax is the free and secure service you can use to file return tax online. The myTax program can also be accessed from the ATO website by logging on to myGov.
You May Be Eligible for Tax Help
Tax Help is a free service whereby volunteers help low-income earners at tax time. The service is usually available at all community centres in the country from 1 July to 31 October.
Check For Any Simple Mistakes
Avoid making mistakes as these could delay filing tax returns. Counter check your personal information to ensure it is accurate.
Look Out for Scams
Be careful when you receive email claims from an alleged ATO; it might be a scam. Scammers may ask for personal details. Only provide your tax file details to an authorized person or organization.
Tax Return Paperwork
If you use a paper tax return to lodge your tax return by mail, the returns are issued within 50 business days of filing. To file your tax return, you need to have the following information.
- Income statement or payslips from your employers
- Bank account details such as BSB and bank account number
- Expense receipts or statements you claim as deductions
- Centrelink payment summaries
- If you are married, your spouse’s income
- If you have an insurance cover – private health insurance information
Calculate and Submit Your Taxes
Your income year and residency status will determine your individual income tax rates.
You may use the ATO tax calculator to estimate your tax returns. The results will depend on the information you provide.
Clearly, filing your tax returns can be taxing. If you are in Brisbane, you need not worry about calculating your tax returns yourself; get a free 15-minute consultation to help you go about it.
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