LOW INCOME EARNERS MAY NEED TO LODGE A TAX RETURN

You may need to lodge a tax return even if your taxable income is under the tax free threshold.

 

Below are some common reasons why you may need to lodge:  

• Pay as you go (PAYG) was withheld from your wage during the year
• You had a reportable fringe benefit amount on your PAYG payment summary
• You had reportable employer superannuation contributions on your PAYG payment summary
• You have made a loss or can claim a loss in a previous year
• You received franked dividends  

Please click on the link below to find out whether you need to lodge a 2017 tax return:

 

https://www.ato.gov.au/Tax-professionals/Newsroom/Income-tax/Low-income-earners-may-need-to-lodge/

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.  

 

DO YOU KNOW THE ATO INTEREST RATE?

Late payment of your taxation liabilities will generally incur ATO General Interest Charges.

The interest rate is currently 8.73% per annum and will change to 8.70% from 1 October.

For further information and historical rates see the below ATO link:

https://www.ato.gov.au/Rates/General-interest-charge-(GIC)-rates/

 

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.