Financial year starts from 1st July of previous year and finished at 30th June of the current year.
Every year, from July to October, you are required to lodge an Income Tax Return to the Australian Taxation Office.
Individual tax return instructions 2012
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INDIVIDUAL – EMPLOYEE
At the end of financial year, your employer will send to you a Group Certificate or Payment Summary – Individual non – business
This certificate records your salary (or wage) for the year, the amount of tax deducted plus other allowances or deductions.
You must present this certificate together with other income statements to your accountant in order to prepare your income tax return.
We can prepare your income tax return regardless which state you live in.
Simply send your paperwork to us by mail, fax or email. We can discuss and obtain further details from you over the phone or via email.
Upon completion, we will email the return to you for your perusal.
Should every thing be correct, you can print the completed return out to sign where indicated and post them to us to lodge to the ATO.
INDIVIDUAL – SELF-EMPLOYED
If you are self-employed person (trader or shop owner) you have to make sure that:
All your income received (cheques or cash) are deposited to your business bank account.
All your business expenses that have been paid for by your business cheque book. At the end of the year, you have to present all these documents to your accountant for preparing your income tax return.
If you are also working somewhere else as an employee, income from that employer will be added to the self-employed taxable income to generate total taxable income.
Please telephone or email to us for professional advise first, then make a booking to bring all your taxation document to us for further discussion.
Should your documents are enough, we will keep your files to preparing your tax return and give you an exact date to come back for signing.
At appointment date, we will print out your completed income tax return to explain every single details on it to you. Should any details are not clear, we will discuss about it until you are completely satisfy and understand your return. Then you can sign.
PARTNERSHIP
If your business is in partnership, the taxable amount will be divided into equal share between the number of partners. Each partner then have to complete his or her own individual income tax return.
The procedure for preparing your partnership’ income tax return is the same with self-employed person.
COMPANY
If you operate your business as a company and you are director(s) of your company.
At the end of the year, you have to make sure that:
* You have sent all group certificates to your employees (including company directors)
* You have paid enough superannuation to your employees (including company directors)
* You have reported total salary and wages plus superannuation to your work cover agent.
Then bring all taxation documents to your accountant to prepare for the company income tax return.
you also have to complete your own individual income tax return.
The procedure for preparing your company’ income tax return is the same with self-employed person.
FAMILY TRUST
If your company is trustee for your family trust, you may choose either your company or your family trust to claim for income tax return.
The procedure for preparing your family trust income tax return is the same with self-employed person.
SELF-MANAGED SUPERANNUATION FUND
Apart from your accountant to complete your financial statement for the year, an auditor has to be involved to audit your accountant’ financial statement.
The procedure for preparing your self-managed superannuation fund’ income tax return is the same with self-employed person.
Whenever the auditor completed his auditing work, your superfund’ income tax return then be able to lodge to the ATO.
For more information, please contact us.