Individual Tax Return 2020: How And When To Lodge Individual Tax Returns In Australia?

September 29, 2020    Accountant Perthwa

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.

People who are eligible to deputise you

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.

  • Since, a tax lodgement is a free service in Australia, you can certainly get it lodged for free. Community volunteers are professionals who can provide you the best assistance in this regard. You will specifically need them if you belong to the low income category. These services are chiefly provided by the community-oriented centres in Australia. Rest assured that your community volunteer won’t charge a single penny from you for providing his/her assistance. To schedule an appointment, checkout ATO’s ‘Tax Help Program’ section.
  • A friend or family member can also help to prepare your individual tax return. To do this they cannot charge an iota of fee from you.
  • If you want to avail a paid service, then a registered tax agent in Perth is the best person. Your tax agent will charge a reasonable fee from you and will lodge your individual tax return. Check out whether your tax agent is qualified or not by visiting ATO’s ‘Finding and using a Tax Practitioner’ section.

The Three notable ways to lodge your tax return

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.

  • You can lodge your individual tax return if you wish.
  • Alternatively, you can lodge a paper return individual tax return as well or
  • The best option is to seek the professional assistance of a taxing pro. In this regard, a registered tax accountant in Perth can provide you the finest assistance.

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.

What to do in case of untimely lodgement?

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:

  • Not an iota of tax is required to be paid and
  • You lodge your individual tax return all by yourself

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.

Advantages of getting a professional assistance

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.

  1. A registered tax accountant in Perth is knowledgeable about the ATO’s rules and regulations. This allows your account to protect you from the unwanted enquiry sessions.
  2. A registered accountant in Perth offers you profit-making and hassle-free refund claims according to your individual circumstances.
  3. Impeccable claiming process through the usage of books. This in return ensures zero risk of audits for you.
  4. Your tax agent will also assist you to claim deductions according to your individual criteria.
  5. An accomplished tax agent ensures a competent and quick preparation of your forthcoming individual tax return as well.

A look at Australia’s Tax-Free Threshold

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.

Where can you send your tax return?

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.

When you lodge a paper tax return!

Certain steps are involved when you lodge an individual paper tax return. These include:

  • Mailing the tax return in the pre-addressed envelope that came with the same.
  • Alternatively, you can mail over your own envelope send it to ATO’s official address.

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.

Hire a Tax Accountant in Perth!

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.

Need Professional Help With Account Services?

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