Australian tax returns are a very important document that not only reflect your personal tax situation, but also informs the tax office of any investments you may have outside of Australia, such as retirement funds or other pension schemes. If you’re not sure what kind of tax returns you should file, you should talk to a tax accountant. He or she will be able to give you advice on which tax returns you should file, and what documents you should attach with those returns.
A valid tax return must always be filed with the tax office no later than 30 days from the end of the year in which it is filed. Australian tax returns can be lodged electronically with the tax office using an electronic tax calculator, provided by the department of revenue. The calculator determines the amount of tax you need to pay on behalf of your company, subject to tax payments being made in respect of your company’s tax returns. However, there is a limit to the amount that your business can lodge electronically. Your tax accountant can advise you on which tax returns you need to lodge electronically, and how much of your previous financial year income tax return you should file electronically.
Businesses in Australia are required by law to lodge their tax returns with the tax office, in order to receive all of the tax that they are liable to pay. Certain types of business income to qualify for tax reductions, such as business rental income and self-employment income. Australia has one of the highest rates of tax among developed nations and the tax system is complex and has a number of different tax breaks and deductions available to businesses. Many individuals also take advantage of tax breaks available to them through their personal accounts at banks, saving them money on tax payments.