TAX TIPS FOR DECLARING YOUR TAXABLE INCOME

Last day of filing your tax return is 31st every October or 15th May (through Reg. Tax Agents) following the closure of that financial year on June 30th. You may receive a fine or interest penalty charge from the ATO if you lodge your return beyond this date.

• A Tax File Number (TFN) is required in order to work and be properly recognised for tax purposes in Australia.
• For tax returns, you should bring with you any PAYG Payment Summaries you have received from employers, dividend statements, bank interest records, income distribution statements, etc. Any receipts, log book, diary records, to substantiate your claims for deductions.
• If you are missing one of your payment summaries, then you need to contact that employer to obtain it or will have to make a statutory declaration with the accountant or take relevant advise.
• Include all your payment summaries, even if you’ve only worked in a job for a couple of weeks.
• Include all dividends and any other interest earned on bank accounts as income.
• Income from Centrelink (Newstart, Austudy, Youth Allowance) must be declared.
• The money you bring with you from another country prior to permanently residing in Australia is not taxable. However, the money earned in Australia is taxable.
• All Australian residents for tax purposes are required to declare their worldwide income accruing from interest dividends, rental income in their Australian tax return.  The tax paid on such overseas income to the Overseas Authorities will be offset against the Foreign Income to be reported in the Australian Tax Return provided Australia has a Double Tax Treaty with the relevant Country.