Tax return

Tax return

A tax return covers the income year from 1 July to 30 June. When you lodge a tax return you include how much money you earn (income) and any expenses you can claim as a deduction.

It is YOUR responsibility to file your tax return. If you earn money in Australia, you must have a tax file number (TFN) and pay taxes on it. The amount of tax you must pay for a given year is calculated using your annual tax return.

Your income tax is paid by your employer throughout the fiscal year, which runs from July 1 to June 30. If you are self-employed, you may be required to make income tax payments on account throughout the year.

You must file a tax return at the end of each financial year.

Should be within 10 working days after lodgement of your tax return, but some people will wait a bit longer for the ATO to get it done.

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When taxpayers have too much money withheld, they receive a refund at the end of the year. When you overpaid your estimated taxes as a self-employed person, you obtain a tax refund. While this additional revenue may appear to be free money, it is actually a loan to the ATO that you made without charging interest.

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