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Individual Tax Returns

Description

In Australia individuals who earned income during that last financial year generally need to lodge an individual tax return to the Australian Taxation Office (ATO). This return is to report your income and claim any deductions or tax offsets, and the ATO uses it to determine whether you have paid the correct amount of tax.

By using Amaze Tax to assist you with your individual tax return, you can be confident that your return is completed correctly and lodged on time, and that you are taking advantage of all available tax deductions and offsets.

How Does Amaze Accounting Help You?

Amaze Accounting is a Registered Tax Agent and is able to provide advice on tax-related matters, including lodging individual tax returns. They can assist you in a variety of ways:

  • Help you understand the tax laws and regulations that apply to you and provide guidance on how to minimize your tax liability within the limits of the law.
  • Collect and organize your financial records required to complete your tax return: salary statements, invoices, receipts, bank statements, and other relevant documents.
  • Using our knowledge of tax laws and regulations, we can calculate your tax liability and ensure that your tax return is completed accurately.
  • Help you identify and claim eligible tax deductions and offsets that you may not be aware of.
  • Once your tax return is completed, we can then lodge it on your behalf with the Australian Taxation Office (ATO).
  • Provide representation if you are selected for an ATO audit and assist you in responding to any queries from the ATO, or forward any questions you have for the ATO on your behalf.
  • Provide advice on tax planning strategies to help you minimize your tax liability in the future.

[FAQ’S]

Top Questions Answered

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It is a form that is used to report your income and claim any tax-related deductions or offsets for a financial year in Australia. It is used to calculate the amount of tax that an individual is liable to pay to the Australian Taxation Office(ATO) or the amout of refund they are eligible to receive.

All individuals who have received income over the tax-free threshold during the financial year, including salary and wages, are required to lodge a tax return. However, there are some expectations.

The 31st of October of the following financial year. However, if you are using a tax agent, you may have additional time to lodge your return.

All income received during the financial year, such as salary and wages. Tax-related deductions or offsets, such as work-related expenses, charitable donations or medical expenses. Foreign income, rental properties, shares and other investments.

Online through the myTax portal on the ATO website. Download a tax return pack from the ATO website, complete it and post it in. The processing of paper tax returns generally takes longer online returns. Have a tax agent complete a return on your behalf.

If you are experiencing difficulty in meeting the lodgement due date you can apply to the ATO for an extension BEFORE the due date. If you register with a tax agent before the 31 October deadline, you take advantage of their lodgment date.

You may be subject to penalties and interest charges. Additionally, the ATO may take legal action against you, which can result in fines and even imprisonment.

A registered tax agent or the ATO can assist you with understanding your obligations and ensuring that your tax return is completely correctly.

The fee you pay to prepare and lodge your tax return is generally tax deductible. You can usually claim it as a deduction in your next year's tax return, so be sure to keep your invoice and proof of payment.