You can find answers to most of your questions below. Simply toggle between the questions.
In order to lodge your tax return, you will need all financial documents and records related to your income. This includes:
If you plan on claiming deductions, you must also have receipts documenting your expenses.
The general rule is if you incurred an expense for the purpose of earning your income, then you will most likely be allowed to claim that expense in your tax return and get a higher tax refund. However, in some cases your expense may not be allowed in full where part of that expense is connected to a private use component. Example; you buy a computer you use for work purposes at home by logging onto your work email, or other work related internet searches and you only use your computer about 50% of the time for work purposes. In this case, you can only claim 50% of your internet costs and only 50% depreciation on your computer. The private use component you cannot claim in your tax return.
You are required by law to keep your receipts for a period up to 5 years from the date you lodge your tax return.
You must lodge your tax return with by October 31st each year. Alternatively if you have enlisted Dalal Accountants as your tax agent before October 31st, the Dalal Accountants team can request an ATO extension for you.
Your return can be completed using the details from a copy of the PAYG Payment Summary (your employer can provide this), a letter from your employer detailing the information on the PAYG Payment Summary or by reviewing your Final Pay Slips for that period. If you are unable to obtain the payment summary details from an employer a Statutory Declaration would also be sufficient.
No! The amount to be refunded to you will always be conditional to your total gross income, the amount of PAYG tax deducted from your payments, your work related expenses and other individual circumstances.
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