Tax Returns Perth - Do you have to lodge your Tax Return?
5/10/2016

Australian tax returns can be very complicated not only for first time lodgers. Individuals who have been residing in Australia and been lodging their returns can still find it confusing. The problem is, not everyone has the same situation. Also, Australian tax is an ever changing regime. Which means, not every year of your tax returns may be the same.

Generally, almost everyone who resides in Australia need to lodge their tax returns. More specifically, people who work for Australian company usually have their tax withheld stated on the PAYG Payment Summary. This tax withheld is the amount withheld by the ATO as an installment for your tax payable. However, if your income is below the tax-free threshold (currently $18200 for the year 2016), you may be able to get all of your tax withheld back in your bank account. What if I lost my PAYG Payment Summary, or didn’t get one from my employer? In the unfortunate case like this, a tax agent can help you retrieve the lost information from the ATO database.

Individual with small business will need to lodge their tax returns. If you commenced your business near to the end of financial year, you will still have to lodge your returns. There are some deductions that can be claimed in relation to your business that you might not be aware of. Some fair amounts of deductions that you might think is not claimable, but it actually is. For example, you can claim a full deduction of assets costing less than $20000 on or after 12 May 2015. A tax agent can help you with minimising your business tax by considering the type of business and financial situation you are in.

If you’re unsure on how to lodge your tax return, the tax consultant Perth at STC Partners, Perth Accountant can help you getting it done. As mentioned before, every individual has a different situation and circumstances. We can provide you with the right tax advice for your tax & accounting services. 

Contact us for preparation of tax returns that would suit your needs on (08) 9362 1000 or email us at admin@stcpartners.com.au.  We are located in East Vic Park, Perth, Western Australia.