An individual tax return is a form you lodge with the Australian Taxation Office (ATO) each year. It reports your income, expenses, and any tax you’ve paid or owe. This includes wages, investments, rental income, and other earnings.
Filing your tax return correctly is important to ensure you pay the right amount of tax or receive a refund if you’ve paid too much.
Why You Should Lodge an Individual Tax Return
Every Australian who earns income needs to lodge an individual tax return. It’s the law and helps the ATO keep track of your tax payments.
Even if you have a simple income or are a casual worker, lodging your tax return:
- Ensures you meet legal obligations
- Helps you claim deductions and tax offsets
- Allows you to receive any tax refunds owed
- Keeps your government records up to date
Failing to lodge can lead to penalties and missed financial benefits.
See also: Overcoming the Numbers Game: Empowering Entrepreneurs to Conquer Business Expenses
What Information Do You Need to Lodge Your Tax Return?
To lodge your individual tax return, you’ll need:
- Your Tax File Number (TFN)
- Payment summaries or income statements from employers
- Records of any other income (investments, rental, government payments)
- Receipts for deductible expenses (work-related, donations, education)
- Details of any tax offsets or rebates you may qualify for
Organising these documents ahead of time makes the process easier.
Common Deductions for Individual Tax Returns
Many taxpayers miss out on valuable deductions because they don’t know what can be claimed.
Common deductions include:
- Work-related expenses (uniforms, tools, travel)
- Home office expenses (electricity, internet)
- Donations to registered charities
- Self-education costs related to your job
- Cost of managing tax affairs
A tax professional can help identify all eligible deductions, increasing your refund or reducing your tax payable.
How a Tax Accountant Can Help With Your Individual Tax Return
Preparing your own tax return can be confusing, especially if you have multiple income sources or complex deductions.
A tax accountant can:
- Ensure your return is accurate and complete
- Maximise your deductions and offsets
- Lodge your return on time to avoid penalties
- Answer your questions and provide advice
- Represent you in case of ATO audits
This support can save you time, stress, and money.
When Should You Lodge Your Individual Tax Return?
The Australian tax year runs from July 1 to June 30. The usual deadline for lodging your individual tax return is October 31 each year.
If you use a registered tax agent, you may have extended deadlines. However, it’s best not to leave it until the last minute to avoid penalties or delays.
What Happens After You Lodge Your Tax Return?
Once lodged, the ATO reviews your return. They may accept it as is or request further information if something doesn’t add up.
If you’re owed a refund, it’s usually processed within two weeks. If you owe tax, you’ll receive a notice outlining how to pay.
Keeping copies of your tax return and related documents is important in case of future audits.
Common Mistakes to Avoid in Individual Tax Returns
Mistakes can lead to delays, audits, or penalties. Some common errors include:
- Forgetting to include all income sources
- Claiming ineligible deductions
- Incorrectly reporting income or expenses
- Missing the lodgement deadline
- Not keeping proper records
A tax professional can help you avoid these pitfalls and lodge a compliant return.
Why Choose Nanak Accountants for Your Individual Tax Return?
At Nanak Accountants, we specialise in helping Australians lodge accurate and maximised individual tax returns.
Our team offers:
- Friendly, clear advice with no confusing jargon
- Efficient and thorough service
- Up-to-date knowledge of tax laws and deductions
- Competitive pricing with no hidden fees
- Support year-round, not just at tax time
We make the tax return process simple and stress-free.
How to Get Started With Nanak Accountants
Getting help with your individual tax return is easy.
- Contact us online or by phone to book a consultation.
- Gather your income statements and receipts.
- We review your documents and prepare your tax return.
- You approve and we lodge it with the ATO.
- We provide ongoing support and advice for future tax years.
Let Nanak Accountants handle your tax return, so you can focus on what matters most.
