Simple Guide to Your Income Tax Return

Get Ready for Your Income Tax Return!

The financial year in Australia has ended, so it's time to think about your income tax return. We will help you understand who needs to lodge an income tax return and how to do it.

Do I Need to Lodge an Income Tax Return?

If you earned money in Australia, you probably need to lodge an income tax return. This includes part-time, full-time, and casual work.

The tax-free threshold is $18,200. This means you don't pay any income tax on earnings up to $18,200 in a financial year (1 July – 30 June). You need to lodge an income tax return if:

• You had any tax taken out of your pay.
• You want to claim any tax deductions.

When You May Not Need to Lodge an Income Tax Return

• If you didn't earn any income.
• If your total income is below the tax-free threshold and no tax was withheld by your employer.
• If all your income is exempt from tax (like some scholarships).

What If I'm Here for Less Than 6 Months?

If you're studying in Australia for less than 6 months, you're probably a non-resident for tax purposes. You still need to lodge an income tax return for any Australian income you earned, but you won't get the tax-free threshold. This means you'll pay tax at a higher rate.

When and How to Lodge Your Income Tax Return

The Australian financial year runs from 1 July to 30 June. You need to lodge your income tax return between 30 June and 31 October. It's important to lodge on time to avoid penalties.

Steps to Get Started:

1. Gather Your Documents: You'll need your Income Statements, usually found in your Gotax account after 1 July. If not, ask your employer. You'll also need receipts for any work-related expenses.
2. Use Gotax: Lodge your income tax return online using the advanced Gotax Tax system.  Setup an account and get started right now - it's easy.  
3. Complete Your Return: Follow the easy Gotax prompts to enter your income, deductions, and other information.
4. Submit Your Return: Once done, submit your return through the Gotax online portal. You'll get a Notice of Assessment from the ATO telling you if you owe tax or get a refund.

Tip! You can see an accountant or tax agent like GoTax to complete your income tax return for you, but there will be a fee.

Submitting a Non-Lodgment Advice

If you don't need to lodge an income tax return, inform the ATO by submitting a Non-Lodgment Advice. This prevents unnecessary follow-up from them.

Example Scenarios:

• Part-time Worker: You worked part-time and earned $15,000. Your employer withheld $500 in tax. Even though your income is below the tax-free threshold, you need to lodge an income tax return to claim back the $500.
• No Income: You were a full-time student without any income. You don't need to lodge an income tax return but should submit a Non-Lodgment Advice.

Claiming Expenses

As a student, you might be eligible for various tax deductions. Tax deductions reduce the amount of earnings you need to pay tax on. If you spent money on things directly related to your job, like uniforms or equipment, you might be able to claim these as deductions. Use DeductionGrabber.to record and track your expenses easily.

What to Do When You Leave Australia

If you're leaving Australia permanently:

• You can lodge your income tax return online from your home country, www.gotax.com.au..
• You can lodge your income tax return before leaving Australia (if eligible).

Support

If you're unsure about any part of the process, there are resources available to help you:

• Gotax website blogs and D.e.r.e.k  advanced Ai tax brain.
• Check if you’re eligible for the ATO’s free Tax Help Program.
• Find an accountant like GoTax to complete the return for you.