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Individual Tax Return
A resident individual of Australia is required to file an income tax return when the gross income exceeds the tax-free threshold of AUD 18,200 which accounts for taxes on the personal income of the individual. Even the non-resident alien earning AUD 1 or more of Australian-sourced income must file a return. There is no system of joint assessment or joint filing in Australia.
Australian individual taxpayers can file their return online with the ATO’s myTax software, by ordering a printed copy of the tax return form or through the assistance of the tax preparers or professionals. Employers and holders of certain investments should provide their tax file number to their employer or financial institution to prevent the tax from being withheld on the income paid to them. This also prevents tax from being withheld as to the discounts received concerning shares and rights acquired under an employee share scheme.
Structure of Form
Information about the company,
- Demographic information: This requires all the information about the individual information on pages 1 and 2.
- Tax file Number: This can be obtained from the myGov account linked to the Australian Taxation Office.
- Bank Account details:Information on Income, deduction, losses, tax offset questions, medicare levy questions, private health insurance, and income test questions.
Information required from the Client – What are the documents required?
Basic Information
- Tax Records
- Voluntary disclosure
- Income
- Deductions
- Medicare Levy exemption
- Supplements of income, deduction, and offsetsS
Our process
At Meru Accounting, the process of filing the tax return is made very smooth and hassle-free. Meru Accounting can be recommended as it has a team of supervisors that look over the entire procedure of filing. This facilitates the process of filing for the non-residents and provides them with accurate information.
The client will have to send us the required documents for us to supervise. We will then send a checklist and a standard format of essential documents required. This is the standard procedure that Meru Accounting follows under strict precision:
Why Meru Accounting?
Meru accounting is one of the best outsourcing firms for accounting and bookkeeping services. We have a team of experts inclined towards helping you prepare and file tax returns. As filing a tax return is an intricate process, it is recommended to hire an outsourcing firm that can help you with filing your returns.
Besides providing numerous services about accounting, tax filing, and bookkeeping, Meru Accounting offers its clients a 50% reduction cost as we charge only $15 per hour.
We provide techno-savvy services as we have a broad spectrum of knowledge using add-ons in the cloud-based environment along with accounting software. We have a fast turnaround feedback mechanism, reaching out to our clients within 24 hours maximum.
Meru Accounting follows standardized procedures and checklists to ensure error-free work. We have our very own team of experts and accountants that are highly trained and will be working under the supervision of a CPA. Our effective project management system allows them to communicate their terms clearly and efficiently.
FAQ's
You are only required to submit a tax return if you fit the following:
- – Most resident individuals whose total assessable income exceeds the $18,200 tax-free threshold for the income year
- – A taxpayer who last year paid ‘Pay As You Go Installment Tax’ irrespective of income (PAYG quarterly installments of tax are calculated on income derived from the previous quarter that is payable by individuals. The due dates for these quarterly payments are 28 October, 28 February, 28 April, and 28 July.)
- – Every individual carrying on a business regardless of income or loss
- – A resident taxpayer earning less than $18,200 who’s had tax withheld from that income
- – A taxpayer who’s been asked to submit a return by the Commissioner. A full tax return is required even if there’s no assessable income to report A resident minor (under 18 on 30 June) who received income from dividends or distributions greater than $416 and franking credits were attached or tax was withheld.
If you don’t lodge a return for a particular year, the ATO may send you a request to lodge.
Australian individual taxpayers can file their return online or e-file with the ATO’s myTax software, by ordering a printed copy of the tax return form, or with the assistance of a tax professional.