Tuesday, May 21, 2013

How to file your tax reutrns



Your tax returns are important and is a legal requirement.

By law you need to do this at the end of the financial year.

You need a tax file number as well as any financial documents such as payslips that your employer gives you.  You have to pay 32.5c of tax for each $1 earnt under $80000 ( Australian residents do not have to pay tax for the first $18200 earnt).
You can do it online here
The employer should give you a PAYG group summary.
There are several ways to do this; by post, online, phone (for short returns) or through a tax agent. Tax agents costs about $70-$150, but RMIT might have free tax returns (and assistance) for students.

For more information visit: www.ato.gov.au

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