At Staff Australia, we know that tax time can be stressful for many Australians, including our candidates and clients.
Our team understands that many challenges and questions can arise during the End of Financial Year period, which is why we remain committed to supporting our employees throughout this process.
The Basics of Tax:
What is tax-time?
In Australia, the financial year runs from July 1 to June 30, and tax returns must be lodged before October 31. According to the Australian Taxation Office, over 14 million individual tax returns were lodged in the 2021-2022 financial year.
The End of Financial Year (EOFY) or “Tax time” in Australia, is an important period for both employees and employers alike.
It is important to file your tax return on time to prevent financial penalties and guarantee full compensation of all eligible deductions and refunds.
To Get Started:
To get your taxes in order, you will need to collect all necessary documents such as; income statements, pay slips, receipts for deductible expenses, and any records of investments.
The Australian Taxation Office (ATO) offers various online services which are designed to give Australian’s all the necessary tools and resources.
It is important to file your tax return on time to prevent financial penalties and guarantee full compensation of all eligible deductions and refunds. If you are not sure how to lodge your tax return, we recommend consulting with a tax professional to maximise your returns and provide you with suitable financial advice.
Stay Informed:
It is important that you file an accurate and timely tax return. Completing your taxes helps to further support the Australian economy to maintain the public services that benefit all Australians.
Learn more about the basics of tax here.
Frequently Asked Questions:
1. When should I lodge my tax return?
After July 1. You can lodge your return once your tax is deemed “tax ready” by both your employer and the ATO. Employers have until the 14th of July to release their income statements. The deadline for submitting a tax return is October 31. If you use a registered tax agent, you may be granted an extension.
2. What is the Australian financial year?
The financial year starts July 1 and ends on June 30 of the following year.
3. How do I lodge my tax return?
You can lodge your tax return online using the Australian Taxation Office (ATO) myTax system, through a registered tax agent, or by mailing a paper tax return form.
4. What documents do I need to file my tax return?
To lodge you tax return, you may need to provide various types of documentation to the Australian Taxation Office. You can view the complete list of requirements on the ATO website here.
5. How do I check the status of my tax return?
You can check the status of your tax return by logging into myGov, or by contacting the ATO directly.
6. What deductions can I claim?
If you are looking to claim a deduction, Some common deductions include: work-related expenses, education expenses or donations to charity. You can view a complete list of possible deductions on the ATO website here.
7. What happens if I miss the tax filing deadline?
If you miss the tax filing deadline, you may face penalties and interest charges. It’s best to contact the ATO or a tax agent to discuss your options as soon as possible.
8. What is the tax-free threshold?
The tax-free threshold in Australia is subject to certain criteria outlined by the ATO. Learn more here.
Additional support:
To learn more about tax time, please use the following resources.
If you are an employee with Staff Australia and require assistance regarding your income statements; or require additional documentation to support you during the lodging process of your tax return, please email: payroll@staffaus.com.au or call 1300 178 233 to speak to our payroll department.
