Lodging your first tax return can be tough, confusing, and frustrating, especially for first-time lodgers. But, luckily for you and everyone new to the Australian taxation system, Syndeo Group – a highly experienced accounting company offering professional financial assistance in Brisbane and the surrounding areas, is here to help and provide you with this detailed guide to lodging your first tax return.
Who Should Lodge a Tax Return?
According to the ATO (Australian Taxation Office), you are obliged to lodge a tax return if you fit some of these:
- Your total income is more than $18,299 (the tax-free threshold)
- Your total income is less than $18,299 but you had tax withheld
- You are a business owner
- You have paid Pay As You Go Instalment Tax last year
- The Commissioner has asked you to submit a tax return
And, if you have any doubts whether you fit the criteria for lodging a tax return, don’t hesitate – let Syndeo Accountants help you.
When to Lodge a Tax Return?
Namely, you can lodge your tax return as early as 1 July to 31 October which is the last deadline. You can also get an extension if written notice is sent to the Commissioner before 31 October.
But, if you hire Syndeo Group, you won’t have to worry about deadlines since Syndeo accountants and tax agents are granted extensions beyond 31 October for their clients.
What Tax Deduction to Claim?
You cannot claim tax deductions for every expense you make, but only for work-related expenses under specific circumstances. In other words, if an expense was necessary for the job you do you may be entitled to claim tax deductions. Yet, if you are still unsure about what deductions you can claim, feel free to contact Syndeo Group and clear your doubts.
What Documents are Required?
Documentary evidence is required in order to be able to claim your tax returns. And, you should keep those documents for 5 years, or longer in some cases. Here’s a brief list of the documents you may be required to submit:
- Receipts for items you are claiming
- Financial institution statements of the interest you’ve earned
- Credit card and banks statements
- Payment summaries from payers
Plus, make sure that the receipts and invoices show the following:
- Item purchased
- Date of purchase
- Value of item
- Supplier’s name
However, bear in mind that all of the above-listed documents serve simply as a general guide. For any individual circumstances, consult Syndeo Accountants.
To sum up, lodging a tax return for the first time can be challenging, but you can easily make the process effortless by simply giving Syndeo Group a call! Don’t hesitate – call us today!