A. Failing to lodge your tax return in Australia can have serious consequences. It is considered a criminal offence, and if convicted by the court, you may face additional fines and/or imprisonment for a period of up to 12 months. It is important to fulfill your tax obligations to avoid legal penalties and potential legal repercussions
INCOME TAX RETURN
Overview
Taking charge of your tax returns is an essential responsibility. Income tax is subjected to taxable earnings including profits generated by businesses and returns on investments. In Australia, obtaining a tax file number (TFN) for accurate tax filing when earning income is crucial. Your annual tax return determines your tax liability for a specific year. If you are employed, your employer deducts income tax. At the same time, self-employed individuals may need to make advance income tax payments throughout the financial year, which spans from July 1 to June 30. Moreover, the income tax is liable on a certain threshold which is more than $18,200. Income generated below this threshold is absolutely tax-free.
Services We Offer
1. Income tax preparation:
Our team aids individuals and businesses to plan effective income tax returns. Our expert team provides sound
financial information for hassle-free tax returns
2. Planned consultation:
After a critical analysis of your financial
turnover, and an evaluation of all eligible deductions, our team gears up to provide the best tax advice.
3. Tax compliance:
our team assists clients to adhere to tax laws and regulations by meeting timely deadlines and smart record-keeping
habits.
4. Secure income tax returns:
We help our clients in smooth tax filing to
avoid disagreements with tax authorities. We even provide dispute
resolution ideas to clients dealing with tax-related conflicts with ATO
5. Personalised consultation services:
Our team keenly analyses each
client's financial situation before planning their tax returns. We work together in answering every tax-related query of our clients and offer expert counselling based on their individual needs
Procedure
myGov account: We help you create a myGov account on the Australian government's myGov website (www.my.gov.au). This account will enable you to access the online services provided by various government agencies, including the Australian Taxation Office (ATO).
TFN and ABN registration: Tax file number (TFN) and Australian business number (ABN) are unique 9-digit and 11-digit numbers respectively. These numbers are important to register for a business in Australia. So, if you're ready to make your mark on the Australian business landscape, trust us to handle your TFN and ABN registration needs.
Record keeping: : It is the prerequisite step before filing your tax returns. Record maintenance in the form of diaries, receipts or logbooks is a healthy practice for a beneficial tax return. We at Nanak Accountants & Associates provide excellent consultation and useful record-keeping tips for easy tax returns.
Deductions and offsets: We help you Identify and list any eligible deductions and offsets that you're entitled to. This may include work-related expenses, self-education expenses, charitable donations, medical expenses, and other allowable deductions.
Maximize Your Tax Savings with Professional Income Tax Return Services
Why Choose Us?
Well, you can lodge your tax return online, but our team makes it convenient for you.
With our expertise and knowledge of all the regulations, We provide compliance with
tax laws to ensure maximum tax benefits for you, We dig deep into the pieces of
information and help you claim every rightful tax deduction. Our tax agents provide audit assistance and expert advice throughout the process of tax returns.
FAQ
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What happens if I didn't lodge my tax return?
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How much does it cost to lodge tax?
The cost of lodging tax in Australia can vary depending on factors such as the complexity of your tax return, the filing method chosen, and whether professional assistance is sought. These elements influence the expenses associated with filing taxes. Contact a tax professional to determine the cost of lodging your tax return in Australia accurately. Usually it is estimated upto $100
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How can I track the progress of my tax return in Australia?
The quickest and easiest way to check the progress of your tax return is by utilizing the self-help services provided. You can track the status of your return by accessing the online services available through the Australian Taxation Office (ATO) website. By logging in to your account, you can check the current status and any updates regarding your tax return. This allows you to stay informed about the processing of your return and any potential issues that may arise.
Our Offices Around Australia
Contact us today for a tax consultation and let us be your reliable tax accounting ally in achieving financial prosperity.
Services
Contact Info
1/16 Prosperity St, Truganina VIC 3029
09:00 AM to 05:00 PM
Monday - Saturday
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