If you are a low-income earner with taxable income under the tax-free threshold, you may still need to lodge a tax return.
Common reasons for this include, if you:
• are entitled to the private health insurance rebate but did not claim your correct entitlement as a premium reduction;
• had pay as you go (PAYG) withheld from payments received during the year;
• had a reportable fringe benefits amount on their PAYG payment summary;
• had reportable employer superannuation contributions on your PAYG payment summary;
• made a loss or can claim a loss made in a previous year;
• were an Australian resident for tax purposes and had exempt foreign employment income and $1 or more of other income;
• were a liable or recipient parent under a child support assessment unless they received one or more Australian Government allowances, pensions or payments (listed on the Individual tax return instructions 2016 at question 5 or question 6) for the whole year and their income was less than $23,752;
If you have any questions on whether you do need to lodge a return, don’t risk taking a guess. Instead, call us and we will make sure you are on the right track.
If you are a low-income earner with taxable income under the tax-free threshold, you may still need to lodge a tax return.
Common reasons for this include, if you:
• are entitled to the private health insurance rebate but did not claim your correct entitlement as a premium reduction;
• had pay as you go (PAYG) withheld from payments received during the year;
• had a reportable fringe benefits amount on their PAYG payment summary;
• had reportable employer superannuation contributions on your PAYG payment summary;
• made a loss or can claim a loss made in a previous year;
• were an Australian resident for tax purposes and had exempt foreign employment income and $1 or more of other income;
• were a liable or recipient parent under a child support assessment unless they received one or more Australian Government allowances, pensions or payments (listed on the Individual tax return instructions 2016 at question 5 or question 6) for the whole year and their income was less than $23,752;
If you have any questions on whether you do need to lodge a return, don’t risk taking a guess. Instead, call us and we will make sure you are on the right track.
Peter McCarthy