Navigating the Australian tax system can be overwhelming, especially if you’re unsure about the basics of tax filing. Whether you’re an individual taxpayer or a business owner, understanding your obligations is crucial. This guide will walk you through the essentials—who needs to file, what income and deductions to report, and how to ensure accuracy in your tax return. With TAX 24/7, you’ll have the tools and support needed to make tax time less daunting and more efficient. Australia-wide, there are many other tax filing services that help both individuals and businesses. Let’s walk through the top 5 affordable tax filing services
Taxes are what we pay for a civilized society, for modernity, and for prosperity.”
Ruth Bader Ginsburg
Moving Onto the How with The Basics of Tax Filing
Now that we have the basics of tax filing in terms of the “who” is required to submit a tax return, let’s work on the “how” – we’re going to walk you through how to file taxes in Australia, related to our legislation and tax obligations.
For many people, the tax filing process seems daunting, an obligatory duty that comes around every year at the end of the Financial Year (FY). The first item on the agenda at tax time is to ensure that you have all your income statements up-to-date. If you earned any income from any stream – employment including self-employment, investment, rental and/or foreign income, and also, any lump sum of superannuation if you are under the age of 60, then making sure that you have those details correct is important. Accuracy is key with a tax return hence utilizing professional online tax services through TAX 24/7 or in-person services with an accounting firm can help you drive that high accuracy rate.
Forgotten Something? The Tax Filing Process Includes Deductions
Part of the complimentary tax filing guide Australia related that we are providing includes driving those deductions. While many taxpayers are unaware of all of the types of expenses that they can claim in their tax return, Accountants are abreast of tax laws and all of the eligible deductions. The tax filing process does not merely require you to report all income generated but can be eligible to claim more deductions than you might think.
For example, most taxpayers possess some knowledge on travel mileage, accommodation if it is not provided or reimbursed, uniforms with insignia including the purchase and laundry, and many are also aware of the capacity to claim for work-related usage of their personal mobile phone or internet. However, there are deduction that different taxpayers can claim that one might not readily think of; this includes ‘actual cost’ when running a home office in a Work-From-Home (WFH) situation, depending on the arrangement, and Personal Protective Equipment (PPE) for tradespeople, better known as “tradies”. There are actually quite a number of claimable expenses that can form deductions for certain workers.
Here To Help You Navigate The Australian Tax System
Many taxpayers simply do not fully understand the Australian tax system, and why do they need to when Accountants remain abreast of the relevant legislation, regulations and work to undertake accounting tasks with the aim of helping those who do not have the grasp on the tax obligations. We understand that you don’t necessarily have the time to understand the difference between fixed rates, capped figures and actual cost in deductions. Therefore, if you are uncertain about what you can potentially claim, why not check out our blog on Top Tax Deductions You Might Be Missing Out On.
Additionally, whether or not you need to pay the Medicare levy or surcharge is actually important, as is noting whether you have the type of tier private health insurance and ensuring that you submit the required information.
A Tax Filing Guide Australia By The 24/7 Team
With TAX 24/7, we are here to help you, the everyday taxpayer or the small-to-corporate business owner. We aim to optimise your tax return hence why we have provided a tax filing guide Australia, relevant for both citizens and residents for work purposes. If you want to make life easier at tax time, or throughout the year with tax planning, strategic advice and ongoing assistance and support, then hit up our team for an easier tax year. We promise we won’t hit the hip pocket, not like tax can.