How to complete your tax return in 2016 financial year?

Have you ready for your 2016 tax return?

There are few steps before you lodge your taxreturn.large_taxes_twice2

Firstly, you need to prepare your tax file number (TFN). The tax file number is shown on your payment summary, as well as on your last notice of assessment. If you are new to the tax system and don’t have a TFN, please contact one of our staffs who can help you to apply the TFN.

Secondly, you need to ask yourself a question : “Are you an Australian resident for tax purpose?”.

Generally, the answer is yes when:

(1) you have always lived in Australia or you have come to Australia and live here permanently;

(2) you have been in Australia continuously for six months or more, and for most of that time you worked in the one job and lived at the same place;

(3) you have been in Australia for more than six months during 2015-16, unless your usual home is overseas and you do not intend to live in Australia;

(4)you go overseas temporarily and you do not set up a permanent home in another country,

(5)or you are an overseas student who has come to Australia to study and are enrolled in a course that is more than six months long.

If you need help in deciding whether or not you are an Australian resident for tax purpose, we have online service to help you.

Thirdly, you need to pay attention to your residency status. Has your residency status changed?

If your residency status for tax purposes changed during 2015-16, that is, you were an Australian resident for part of 2015-16, you will need to answer yes to this question and complete item A2 on your tax return. We need this information to work out your tax-free threshold.

Lastly, What documents do you need to obtain?

Any expenses which is related to work, please collect daily and bring all the receives to your accountant. These are really important for you to accurate your tax refund.

 

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