What is Individual Tax Return?
According to law, it’s necessary for salaried employees to lodge Individual Tax Return every year. As an individual, you can also claim a deduction for donations made to registered charities, as well as your tax agent fee and And as individuals, many work-related tax deductions are available to reduce your taxable income and tax liability.
The individual tax return is due for filing by the following 31 October, unless an extension is available for tax agent lodged returns. The Australian Taxation Office (ATO) will issue an income tax assessment of taxable income/tax loss and tax payable (if any) to the individual based on the individual tax return.
Why Lodge A Tax Return?
It’s important if you are the local citizen of Australia and for your safety purpose, it is good for you. Apart from this, you have the various advantages which you got like, you got the refund form an ATO, you can claim a tax deduction and you own your rental property.
You have to show all your income of a year while you lodge your tax return and Maximizing your deductions can boost your tax refund significantly. This can be a significant tax benefit to individual taxpayers in reducing their tax bills. Because you have the idea about your tax return and what type of income you have earned during a year.
When To Lodge Your Individual Tax Return?
You must lodge your Individual Tax Return on 31st October every year and the good thing is if you lodge your tax return through Tax Accountant Perth so you got the advantage to extend your tax return date until 15th May the following year.