TAX RETURN ASSISTANCE
Income tax is levied upon three sources of income for individual taxpayers: personal earnings (such as salary and wages), business income and capital gains.
In Australia the financial year runs from 1 July to 30 June of the following year. Income tax is applied to a taxpayer's taxable income, which is calculated, in a broad sense, by applying allowable deductions against the taxpayer's assessable income.
Income tax is withheld from wages and salaries in Australia, often resulting in refunds payable to taxpayers. An employee must quote to employers their Tax File Number (TFN) so the employer can withhold tax from their pay. While it is not an offence to fail to provide an employer, a bank or financial institution with a TFN, in the absence of this number, payers are required to withhold tax at the rate of 47% (the highest marginal rate plus Medicare levy) from the first dollar. Likewise, banks must also withhold the highest marginal rate of income tax on interest earned on bank accounts if the individual does not provide them with a TFN. In the same way, corporate and business taxpayers are required to provide their TFN or Australian Business Number (ABN) to the bank; otherwise the bank is required to withhold income tax at the highest rate of tax.
Tax returns cover the financial year from 1 July to 30 June and are due by the 31st October.
Lodging tax return is mandatory and employers deduct taxes every time they pay you; there are two reasons why you should lodge your tax return:
1. You may receive additional income from bank interests, shares, rent and other payments that are made to you
2. You can claim back some expenses that are related to your work
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