The Basics of Tax:
Do you know how tax works? It is important to understand the basics of tax, especially when you start making regular income. This page tells you everything you need to know.
Taxes are collected by the Australian Taxation Office (ATO) and are used by the government to fund community and council services. When you start working, you will need to apply for a tax file number (TFN) and complete a TFN declaration for your employer.
Tax time is an essential part of the year because it holds every single Australian accountable by ensuring that every income earner is contributing their fair share to fund important services like healthcare, education, and infrastructure.
TFN Declaration
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 Tax 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.
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.
