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Here is what every taxpayer should know about returns

TAX time runs from July to October each year.

It's when most people need to lodge a tax return.

If you're working, you should get a payment summary from your employer - this has information you need to do your tax return.

 

Tax return

If you've been working, running a business, or receiving Centrelink payments (or other government payments), you need to lodge a tax return.

If you are unsure if you need to lodge a tax return, phone the Australian Taxation Office helpline on 13 28 65 or talk to an accountant or tax agent.

A tax return tells the ATO how much money you earned and how much tax you paid during the financial year (July 1 to June 30).

You need to lodge your tax return by October 31.

If you've paid too much tax, lodging a tax return is the way you receive a refund.

 

Summary

If you worked during the year, you should receive a payment summary from your employer so you can do your tax return.

Every employer you work for must give you a payment summary by July 14.

You need this information to help you do your tax return.

Make sure you receive all payment summaries by giving all your employers your postal or email address.

 

Small business

Starting a new business can be exciting but there are expenses associated with setting it up.

The good news from the ATO is that you are now entitled to claim certain deductions this year instead of having to spread the deductions over five years.

This applies to the following costs you may have had when setting up your business:

 Professional, legal and accounting advice.

 Australian government fees and charges.

 

Some other concessions for small businesses include:

 Instant write-off for each asset costing less than $20,000.

 A tax discount of 5% (up to $1000) for unincorporated small businesses.

 A 1.5% cut to the small business company tax rate.

 Accelerated depreciation for primary producers regardless of turnover.


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