The tax return procedure becomes time consuming for people having less knowledge or no accounting background in order to pay their taxes. As a resident of Australia, as an individual or a company or trusts or professionals, you should pay your tax on time whether you are living in Australia or other country. Hence, if you do not know the right information about all pros and cons of Tax returns in Melbourne, you should hire a trusted Tax accountant who can provide you expert guidance to get the maximum tax benefits on your earnings.
Know Some Basic Information about Tax Returns
The tax amount you need to pay depends on several factors such as your total earning, your TFN number (Personal Identity Number), and become a resident for tax purpose. You should get your TFN number before you start working. TFN number is for tax purpose and allocate for record keeping and identification purpose. TFN number is an important when you start any new work or job. It is an identity proof helpful to open a bank account, apply for getting any government benefits and many more other purposes. Hence, you need to keep it very secure.
In Australia, the financial year considered from 1 July to 30th June of next year. You can lodge your online tax returns from 1st July to 31st October. You can also pay your tax in advance. You have to pay fines for paying tax lately. If you are an Australian resident and living in other country for more than one and half year, if you have property and maintaining bank accounts, you become consider as a resident for the purposes of tax. The residents of Australia must have to declare their income earned within or outside the country in the details of tax returns.
For those who are non-residents, they need to mention the income they earned in Australia, only. Australian residents have the benefits of a lower tax rate compared to non-residents. In addition, there are different tax slabs, tax offsets for individuals and businesses. Hence, tax returns for companies have different tax criteria compared to tax returns for trusts. It requires in-depth knowledge of accounting and tax return processes. If you know about tax offsets, you can get the benefit of tax reductions. There are different tax offsets for people support their family or have dependents to get tax benefits. Hiring an expert accountant or a tax consultant helps you to know what tax benefits you get as an individual or what registration you need to apply while starting a new business.
If you want to make your tax return process up-to-date and trouble-free, you can write a mail at firstname.lastname@example.org to contact trusted and experienced tax accountant in Melbourne.