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Now that the financial year in Australia has ended, it’s time to start thinking about your tax return. This guide will explain who needs to lodge a tax return and how to complete it.
If you’ve earned money in Australia, you will most likely need to lodge a tax return. This includes all kinds of work – part-time, full-time and casual.
The tax-free threshold is currently set at $18,200. This means that you don’t pay any income tax on earning up to $18,200 or less in a financial year (1 July – 30 June). You need to lodge a tax return if:
If you are studying in Australia for less than 6 months, you will probably be considered a non-resident for Australian tax purposes.
Find out if you are considered a non-resident here.
The Australian financial year runs from 1 July to 30 June. You need to lodge your tax return between 30 June – 31 October. It’s important to lodge your tax return on time. If you don’t, the ATO may apply a penalty.
Here are some steps to get you started:
You can see an accountant or tax agent to complete your tax return for you. However, there will be a fee for this.
If you do not need to lodge a tax return, you should still inform the ATO by submitting a Non-Lodgment Advice. This lets the ATO know that you won't be lodging a return for the financial year, and it prevents any unnecessary follow-up from them.
Example scenarios:
As a student you might be eligible for various tax deductions. Tax deductions reduce the amount of earnings that you need to pay tax on.
If you have spent money on things directly related to your job such as uniforms or equipment you may be able to claim these as deductions.
If you're leaving Australia permanently:
If you’re unsure about any part of the process, there are resources available to help you: