Income Tax Returns: TFN, ABN, Rental Schedule, CGT Schedule, Dividends & Shares

An income tax return in Australia is a mandatory annual submission to the Australian Taxation Office (ATO) that reports an individual’s or entity’s income, expenses, and other tax-related information. This process ensures that the correct amount of tax is paid or refunded.

Key Points

• Who Needs to File: Individuals, businesses, trusts, and other entities that earn income in Australia are required to file an income tax return.
• Income Reporting: All sources of income, including wages, business earnings, investments, and government payments, must be declared.
• Deductions and Credits: Taxpayers can claim deductions for certain expenses incurred while earning income, such as work-related costs, charitable donations, and certain education expenses. These deductions can reduce taxable income.
• Lodgement Period: The tax year in Australia runs from July 1 to June 30. Income tax returns are generally due by October 31 of the following financial year.
• Refunds and Payments: Based on the information provided, the ATO calculates whether the taxpayer owes additional tax or is entitled to a refund.