Tax Return 2021: What You Need to Know

Posted by Tax Return Perth on September 7th, 2021

Australia is still standing strong and coping with the economic crises. The Federal Government and Australian Taxation office are working hand in hand to save Australians from paying enormous taxes this year after COVID-19 economic upheaval.

What you need to know if you want to lodge an early tax return 2021?

The lodgement is possible only in two scenarios. First, if you are leaving Australia permanently before the end of the financial year and have significant proof of that, i.e, booked Airline tickets. Secondly, if you have received your last pay of the financial year and are sure not to earn any further income till the end of the financial year. If any of these cases are applicable to you, do not hesitate to contact tax agents to help you lodge your tax return 2021 and get you a maximum refund.

What documents and information do you need to lodge your tax return?

It all starts with your TFN (Tax File number) and ABN (Australian Business Number, if applicable).

Your last Payslip/PAYG of the financial year from your employer if you are lodging an early income tax return.
Receipts/records of the expense incurred while performing your job.
Details of your ABN income if earned.
Details of trading shares and dividend income if earned
Details of rental income if earned
Private health insurance details if applicable
Details of your spouse’s income if applicable`
These were few of the important things that you can consider while lodging your 2021 tax return and get maximum benefits. Follow the simple process if you are eligible to apply for early lodgement and receive your refund from ATO.

What you need to know if you have multiple tax returns overdue.

Lodging your tax return every year is mandatory for all Australian taxpayers. Even if you have not earned any income during the year. The non-lodgement advice still needs to be filled and submitted to ATO to avoid non-lodgement penalties.