Tax Facts for Tax Time!
🎶 It's the most wonderful time of the year 🎶
Merry tax return time to those who celebrate.
Hopefully you've had someone in your life help you with it before and you've got an idea of what to do. For most young workers it's a pretty simple process but for those with multiple jobs, working as independent contractors or have dependants, it can get complicated pretty quickly.
Here's 5 important things to remember:
- The Financial Year is not the Calendar Year
While some business have lots of different ideas of what constitutes a 'financial year', the government and most companies use 1 July to 30 June. This means that you should think all the way back to July 2022 when you start putting in your claims and deductions.
- Tax Returns Are Due by the End of October
Breathe - don't stress - you have time. The Australian Taxation Office (ATO) sets a deadline for 30 October to submit your tax return from the last financial year. Although, the quicker you get it done, the quicker you might get your tax return (if you are eligible 🙏).
- Your study loans haven't disappeared
So remember when you were studying and all those fees were put on a HECS loan to be paid off when you were rich? Well, if you are earning more than $51,550 you may (❗) notice the repayments.
- Which job has your tax-free threshold
Generally, you should claim the tax-free threshold on one job at a time– usually your higher paying job. If you don't, you'll probably end up paying more tax than you need to. While you may get that back in your tax return, it's probably a good idea to make sure your details are up to date.
Where to go to get more information
Don't have an accountant or getting professional advice? Then check out the ATO's website. You can even check out what your tax rate should be or get the information in languages other than English.
Don't forget we are here to help. For general advice or support give us a ring on 0448 681 116 or leave a comment below.