Why lodge a tax return

Where the individual informs Centrelink that 1 or both individuals are not required to lodge and declares the family's actual ATI , the payments for that income year will be reconciled. Possible reasons for an individual's notification to be considered unreasonable could be evidence of:. Example: If the individual has for several years had a yearly income above the tax free threshold and there is some evidence this has not changed, Centrelink may decide not to accept their declaration and refer the individual to the ATO for assessment.

The ATO is able to provide information that may help you manage your tax. Find information on managing your payments and making payment plans. We acknowledge the traditional owners of the country throughout Australia and their continuing connection to land, sea and community.

We pay our respect to them and their cultures and to the elders past and present. Toggle navigation. Lodge and pay tax. Lodge and pay tax Last Updated: 17 August Your business must lodge a tax return each year, and you may need to lodge business activity statements more regularly.

How you lodge your tax will depend on your business structure. Find out how to lodge returns and your options for paying tax. On this page 1. Check the tax return requirements for your business type 2. Understand business activity statements requirements 3. Find out when you need to lodge by 4.

Lodge your tax return or BAS 5. Pay your taxes. Check the tax return requirements for your business type. When lodging your return, make sure you know the rules that apply to your business structure: Sole trader - Lodge an individual tax return. Lodging a tax return might seem daunting and challenging, but being prepared can make lodging your tax return a lot easier. You can check the ATO website for more information on tax-deductible expenses you can claim.

You can either lodge your tax return directly with the ATO, or get a registered tax agent to help you with your tax return. More importantly, it can be money well-spent to ensure your tax return is accurate and complete. The ATO website states that electronic returns are normally processed within 2 weeks, but paper returns are processed manually, taking up to 10 weeks. You may need this information in the future — for example, if the ATO asks you about your tax return, if you apply for a loan, or if you do your tax return online in the future.

You can check the ATO website for information on amending your tax return. Your accountant, tax agent or financial advisor may also be able to help you with the process. Visit our tax hub. The Australian income year ends on 30 June.