Tax Return FAQ
What do I need for a tax return?
- PAYG Payment Summaries (Group Certificates)
- Bank Interest Details
- Payment Summaries from Centrelink
- Superannuation Lump Sum Statements
- Superannuation Income Stream Statements
- Dividends Statements
- Share Transaction Statements
- Partnership & Trust Distributions
- Managed Fund Statements
- Capital Gains Details – Investment Property Sales, etc
- Foreign Sourced Income and Pensions
- Sole Trader (ABN) Income Details
- Investment Property Income Details
- Motor Vehicle Expenses
- Travel Expenses
- Compulsory Uniform, Protective Clothing, Occupation Specific Clothing, Dry Cleaning
- Self-Education Expenses
- Other Work Related Expenses
- Asset Purchase Details – Computer, Tools, Equipment, etc
- Investment Related Expenses
- Donations to Charity Organisations
- Cost of Tax Affairs
- Income Protection Insurance Premiums
- Superannuation Contribution If Self Employed
- Medical Expenses
- Private Health Insurance Statement
I have not received all of my PAYG payment summaries (group certificates) yet. Can I lodge a tax return without them?
To lodge a tax return, you need to declare all of your employment income. The first thing you need to do is contacting your employers or ex-employers. However, in case you cannot receive, we can often obtain your PAYG payment summaries from ATO. If it is still difficult, we can work with you.
I did not earn a large amount of bank interest. I can say that it was about $5. Do I need to include in my tax return? How can I check the exact amount?
Can I receive a tax refund equivalent to full amount of deductions?
My refund is not much. Why is that?
It is only the difference between tax liability on taxable income and total amount of total tax prepayments (tax withheld). Where total amount of your tax withheld exceeds tax liability on your taxable income, you can get a refund. This difference is a refund as tax is overpaid from your wage.
To increase refund, tax liability needs to be reduced. To reduce tax liability, work related deduction can help reduce taxable income. More refund means you received less net amount of weekly or fortnight wage as less tax was withheld.
In contrast, less refund means you received more net amount of weekly or fortnight wage as more tax was withheld.
How long do I have to keep my tax records?
Can I claim expenses that used for both work and personal use?
I quitted my job and have no intention to work in this financial year. Can I lodge a tax return now?
When is due date of a tax return?
I am likely to pay tax rather than receive refund. Should I lodge a tax return?
I am leaving Australia prior to 30th June. Can I lodge a tax return before 1st July?
My ex-employers would not provide my PAYG payment summaries (group certificates) early. How can I lodge my early tax return?
- Your Name
- Y.T.D Gross Income
- Y.T.D Tax Withheld
- Employer’s Name
- Employer’s ABN
- Payment Date
I heard that I do not need to pay Medicare levy if I am covered by a private hospital insurance. Is it correct?
Is it correct that I do not have to pay Medicare levy if I am not Australian?
You may not be eligible for the exemption if you:
-hold a permanent resident visa or have applied for a permanent resident visa
-were a resident of the United Kingdom, the Republic of Ireland, Italy, Malta, Sweden, the Netherlands, Finland, Belgium, New Zealand, Norway or Slovenia before entering Australia maintain a dependant or another person who was eligible for Medicare
-are an Australian citizen living overseas for less than five years
We can prepare a Medicare levy exemption certificate. Extra $33 applies.
Online Tax Return FAQ
How long does it take to receive my refund?
This does not apply to early tax return. Early tax return takes 4-8 weeks till ATO finalises.