tax time design

If your taxable income is under the tax-free threshold you may still need to lodge a tax return.

Common reasons for this include, if you:

– are entitled to the private health insurance rebate but did not claim your correct entitlement as a premium reduction

– had pay as you go (PAYG) withheld from payments received during the year

– had a reportable fringe benefits amount on your PAYG payment summary

– had reportable employer superannuation contributions on your PAYG payment summary

– made a loss or can claim a loss made in a previous year

– were an Australian resident for tax purposes and had exempt foreign employment income and $1 or more of other income

– were a liable or recipient parent under a child support assessment unless you received one or more Australian Government allowances, pensions or payments

For more information please contact our office.

Sourced from ATO Website: https://www.ato.gov.au/Tax-professionals/Newsroom/Income-tax/Low-income-earners-may-need-to-lodge/?tpissue-30-2016

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