How Australian tax works

Every country has its own financial year. The financial year of Australia is from 1 July to 30 June. Hence the tax year 2015 is from 1 July 2014 to 30 June 2015. Same way the tax year 2016 is from 1 July 2015 to 30 June 2016.

It is compulsory for everyone who is working in Australia to file a tax return with ATO.

Tax return contains your personal details and sources of income received.

Anyone can prepare the tax return but in Australia only a registered tax agent is allowed to prepare and file a tax return on your behalf. They also help you for tax refunds.

One thing will facilitate you is to visit taxreturnco.com.au for more information.

Documents needed for tax:
The tax agents or the firms complete and lodge a tax return with ATO and they require only 2 things.

  1. Your details
  2. Payment summaries also called PAYG payment summaries.

Your details contain full name, Tax file number, your date of birth and address.

And the PAYG payment summary contains the gross amount before tax deduction and the amount of tax deducted. Usually these are issued in July but one can request when he leaves the job.

How we collect your details?

You can talk to the tax accountants of the firm. The tax documents will be prepared on the spot and you can review it before signing.

Phone our office:

You can also contact to the firm and can talk to one of the tax accountants. You can ask any question about the tax return. They will ask your detail and then email you the documents. You can take out the print, read the details and after signing you will have to return to their office.

Email:

Many firms give you the facility to ask questions via email. You just need to email the detail to them and then they will prepare the tax return and email you the tax documents. After checking them carefully you can print out the documents. Sign them and send them to their office.

If you email your details to our office we prepare the tax return and email you the tax documents. You just print out the documents. Check the details sign and return to our office.

Download:

After downloading the documents you will have to complete the details. Sign them and return to their office with PAYG payment summary. Then will prepare and file the tax return. This is the quickest method.

Submit online:

Some firms also give the facility of online submission of application. In this way they will prepare the tax return and email the documents to you for review. After careful checking you can print out the documents. Sign them and send them to their office.

Ask for a call back:

this is a big facility which is provided by the great firms. You just need to email them your phone number. They will call you when you have done the checking etc.

Conclusion

This article contains the material about how Australian tax works. We provided almost all the aspects for filing tax returns. After reading this you are now much more aware of many things about the system of taxation in Australia.

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