One of the most commonly asked questions every tax season is ‘do I need to lodge a tax return?’
If you earned any income during the financial year then the simple answer in most cases is ‘yes’, you will need to lodge a tax return. This includes part-time, temporary or cash-in-hand jobs which are all classified as income and must be declared to the Australian Taxation Office (ATO).
There are, however, certain exceptions based on your age, your expenses, and income (i.e. if your income did not meet the tax free threshold). In these cases you will still need to submit a Non-Lodgment Advice to advise the ATO you are not required to submit a tax return in order to avoid any fines. It’s worth noting the ATO has strict rules regarding declaration of all income so if you are unsure of your individual tax requirements, your income tax professional will be able to help you by providing relevant and up-to-date information.
All tax returns need to be lodged before 31 October this year, so get ahead of the game this tax time by visiting your nearest ITP consultant. Our experts are available to answer any tax related questions you have and assist you in lodging your tax return.
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