Do you need to lodge a tax return for the 2020-21 financial year? That is the question!
The four main reasons for compulsory tax return lodgements are if:
1. During 2020–21, you were an Australian resident and paid tax under the PAYG withholding or instalment system, or had tax withheld from payments made to you.
2. You were eligible for the seniors and pensioners tax offset, and your individual rebate income was more than:
– $32,279 if you were single, widowed or separated during the year
– $31,279 if you had a spouse but one of you lived in a nursing home or you had to live apart due to illness, or
– $28,974 if you lived with your spouse for the full year.
3. You were not eligible for the seniors and pensioners tax offset but received a government allowance and your taxable income was more than $21,884.
4. You were not eligible for the seniors and pensioners tax offset, & you did not receive a government allowance or pension, but your taxable income was more than:
– $18,200 if you were an Australian resident for the full year
– $416 if you were under 18 on 30 June 2021 & your income was not salary or wages
– $1 if you were a foreign resident & you had income taxable in Australia which did not have a final non-resident withholding tax withheld from it, or
– your part-year tax-free threshold amount if you became or stopped being an Australian resident for tax purposes.
In addition to the above reasons for requiring to lodge a tax return, there are other reasons you may need to lodge such as if you:
– had reportable FBT,
– had reportable super contributions,
– ran a business,
– received a lump sum payment,
– received funds from a trust or partnership,
– were a resident & had exempt foreign employment income,
– received income on a working visa,
– made super contributions,
– were liable under a child support assessment,
For more info visit: https://www.ato.gov.au/Individuals/Tax-return/2021/Before-you-start/Do-you-need-to-lodge-a-tax-return–2021/
There are SO many rules surrounding Tax Return requirements, so get the right advice for your individual circumstance. Contact the amazing accountants at Cotchy today!
Email the team at: support@cotchy.com.au