Do I need to lodge an Tax Return

You may like to use the ATO Tool 'Do I need to lodge a tax return' to establish if you need to lodge a tax return for 2012/13 or previous years

Common reasons for requiring individual taxpayers to lodge a 2011/12 tax return:

• you are a non-resident for tax purposes and have earned over $1 income in Australia

• your taxable income is over $18,200 (including amounts gained from sale of assets)

• you have a reportable fringe benefit amount identified on your payment summary

• you have carried on a business during the prior tax year

• your have an interest in a partnership that operated a primary production business in Australia

• you are an entitled beneficiary of a trust estate

• you are unmarried and under 18 (as at June 30^th) and have received over $416 from sources other than earned income

• you were a resident for tax purposes for only part of the year and earned over more than $1,516 for each month of residency

• You are a resident for tax purposes and earned more that $1 overseas

• you had a First Home Saver Account (FHSA)

• you are liable under the Child Support (Assessment) Act 1989 unless you were in receipt of an Australian Government pension or allowance for the entire year

• you unfortunately died during the tax year (sorry)

These are just the most common instances, please refer to the ATO page 'Do you need to lodge a tax return - help sheet' for a fuller list

 

Not required, but?

Individual taxpayers may find it beneficial to lodge a tax return, though not required, if:

• you've had to much tax withheld and wish to get your money back     

• you have a loss, or had a loss in a tax year prior, that you wish to carry forward (often resulting from business or the sale of an asset (CGT))

• You were in receipt of a means tested Australian Government pension or allowance, and have allowable deductions that would reduce your taxable income (annual income)