Every year, Australians need to lodge their individual tax returns on time. A tax accountant Perth can help you perform the same task impeccably. Your accountant has the knowledge and expertise to suggest the best procedure concerning your individual tax return lodgement. Today’s write-up will give a clear idea about the individual tax return lodgement in Australia.
Well, all of us are super busy nowadays. Particularly, the crisis of Covid-19 has compelled us to focus on a lot of other things. As a result it may happen that you are finding it difficult to lodge your individual tax return. In spite of this doing so is one of your sole duties. So, what’s the solution to this problem? In such a situation, you can certainly ask anyone else to complete the task faultlessly. They can be any of the people outlined below.
According to Australia’s taxing protocol, there are chiefly three convenient ways to lodge your individual tax return. Even if you ask any other taxpayer in Perth, he/she will follow any of these three ways. Each of these three ways have been outlined below for you.
So, which of these three methods you like the most? Hopefully, you have chosen the third way as the most convenient option. A registered tax agent in Perth will prepare your individual tax return in a faultless manner.
It may happen you could not lodge your individual tax return on time. If yes then you will become subject to a penalty incurred by the ATO. In general, the ATO incurs a penalty every 28 days concerning your delayed individual tax return lodgement. To get more information related to this please visit ATO’s ‘Failure to lodge on time penalty’ section. This is applicable even if there is no tax return. You may not get subjected to a penalty if:
Are you unable to lodge the tax return by 31st October, 2020? Then contact the ATO as soon as possible. Accordingly, they will suggest you an alternative date to lodge the tax return effectively.
As a lay person, you may not have the right knowledge to lodge your individual tax return always. The best alternative solution to this is by hiring a registered tax accountant in Perth. Again, there are various benefits of hiring a certified tax accountant in Perth. A complete checklist of these benefits has been outlined below.
According to Australia’s tax-free threshold, you must show an annual income of at least $18,200. The person can also claim the threshold directly from the payer. This privilege is particularly applicable to those who are doing more than one job. At that time, your second employer can refrain tax at a consequent ‘no tax-free threshold’ rate.
If you are inside Australia, then you can lodge by using myTax and lodge your individual tax return online. You can expect to get your individual tax return issued within the next two weeks. Avail premium accounting services in Perth to get the best assistance in this matter.
Certain steps are involved when you lodge an individual paper tax return. These include:
Remember, that both the procedures also apply to applicants who are lodging outside Australia with some changed steps. To get more detailed information, please visit the official site of the Australian Taxation Office.
So, are you looking forward to lodge a tax return in Australia this 2020? If yes, then hire a registered tax agent in Perth to complete the task impeccably.