Do I have to lodge a tax return?
Did you know you may have to lodge a tax return even if your taxable income is below the tax-free threshold of $18,200?
Be sure!
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If you have any tax withheld, even only a few dollars, you must lodge a tax return.
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If you carried on a business, even if your taxable income is less that $18,200.
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If you pay or receive Child Support unless you received a Centrelink payment and your total income is less than $23,523.
There are some other circumstances when you may need to lodge a tax return even if your income is below the tax-free threshold. If you are not sure one of our experienced tax consultants can advise you.
Tell the Tax Office!
If you do not need to lodge a tax return, you need to tell the tax office for each year that you do not need to lodge. We can do this for you if you contact us. We can check the Tax Office Portal on your behalf to ensure that no taxable income has been reported to the ATO and notify the ATO that a return is not necessary for that year.
If you have not notified the Tax Office for previous years that you did not need to lodge a tax return, the ATO will consider that you have overdue tax returns for those years. You may risk a penalty. To get your compliance history up to date with the Tax Office, give us a call and we will help you get your overdue lodgements submitted.