20 June 2013

 

Changes to the Tax Free Threshold

 Do I need to lodge a Tax Return?

 

For the 2013 Tax Year, the tax free threshold is changing from $6000 to $18200.

 

This means that some of you will not need to lodge a tax return this year. Please see the following examples to see whether you need to lodge a tax return or not:

 

Example 1: I earned more than $18200 in the tax year

 

Remember that this includes income from all sources including employment income, non-exempt centrelink income, bank interest and investment income.

 

 --->  You must submit a tax return

 

Example 2: I earned less than $18200 in the tax year but I paid tax on that income

 

 ---> You should lodge a tax return and you will most likely receive all of that tax back as a refund

 

Example 3: I earned less than $18200 in the tax year AND I did not pay any tax on that income

 

 ---> You do not need to lodge a tax return but you will need to lodge a ‘Non-lodgment advice’ instead. This form tells the ATO that you are not required to lodge a tax return and will help them to record that information so that they do not need to pursue you for the tax return later down the track

 

How do I lodge a Non-Lodgment Advice?

 

Simply email us and we will lodge the form.

 

We will need some information from you and you will need to sign the declaration form. Then we will match these details against the ATO records and if you don’t need to lodge a tax return, we will lodge the advice for you.

© 2013 by Platinum Accounting Brisbane.