03 Jun How do I lodge my first tax return?
How do I lodge my first tax return?
Tax time is stressful and can be confusing for anyone, and can be even more so burdensome if this is your first time lodging your tax return. Our guide for your first time lodging a tax return offers assistance to help you understand what a tax return involves and the process of lodging one.
We’ve compiled all of the basic knowledge required to help you get started lodging your tax return for the first time and can assist you in any stage of your return because lodging your tax doesn’t have to be difficult.
With Simmons Livingstone and Associates our professional team combines decades of experience to ensure your tax return is seamless and without hassle.
Read through our guide for more information to support your first tax return.
When do I have to lodge a tax return?
If you have paid any tax on income you received in the last financial year you will need to lodge a tax return.
It’s best to read the Australian Tax Office’s requirements to determine whether you are required to lodge a tax return this financial year.
More often than not, you will need to have earned a yearly income that exceeds the tax-free threshold in order to be required to lodge your first tax return.
What is the tax-free threshold?
If you are an Australian resident and you earn below $18,200 in a financial year, you will fall below the tax-free threshold and therefore, not be required to pay tax nor lodge a tax return.
However, once you start earning above the tax-free threshold, you will need to lodge a tax return to receive some of your withheld tax.
If your earnings for the financial year between 1 July 2019 and 1 July 2020 exceed $18,200 (the current tax-free threshold) you will be required to lodge a tax return to receive a return on tax withheld.
Put simply, if you are earning:
A portion of your earnings will be withheld in order to pay taxes. Once you surpass the tax-free threshold, you may be eligible to receive a tax return.
How do I lodge my first tax return?
There are many ways to lodge a tax return, but with the assistance of Simmons Livingstone and Associates, you can be guaranteed that our expert team will maximise your return.
Take the stress out of lodging a tax return for the first time.
Simmons Livingstone & Associates is the leading accounting firm of choice for many Queenslanders because of their expert advice and professional ability to maximise tax returns.
When do you need to lodge your tax return?
Your tax return must be lodged between 1st July 2020 and 31st October 2020.
Extensions can be considered, but you will need to speak to a registered tax agent like Simmons Livingstone & Associates in order to apply for an extension.
What deductions can you claim in your tax return?
Depending on your job, and the contract you signed before starting that job (if you have one), you may be entitled to claim some work expenses.
If you’re lodging a tax return for the first time, you can find types of deductions that might apply to you in our tax checklist for individuals.
If you have been forced to work from home during the COVID-19 lockdown restrictions, you may also be entitled to claim work from home expenses.
Let’s get started on your first tax return
To ensure your tax return is completed correctly and you receive the maximum return you are entitled to, it’s always best to consult a trusted accounting firm.
At Simmons Livingstone & Associates, we’re here to help you lodge your first tax return in 2020.
Give us a call today and let’s get your first tax return sorted.