Little Known Facts About Tax Return

Facts About Tax Return

The time has come to file for your tax return but you are not sure how? To ensure you successfully lodge your taxes, hire a tax agent. A tax agent will know how to include all deductions, dependents, revenue, expenses, etc. and to properly lodge your individual, company or trust tax return. In fact, if you own a small business or are managing a trust, it is always better to hire a reliable company that offers wide range of accounting services. Avoid paying penalties for not finishing the tax return on time or not complying with all ATO regulations and have the professional accounting services provider do all your bookkeeping and tax returns. Reliable accounting services provider will best advise you on various financial related questions. Before you hire an accountant, read few little known facts about tax return.

  • If your child is under 16 and has over $420 in a saving account each year, then he/she must lodge a tax return with the Australian Taxation Office.
  • Did you know that your child needs to fill in an application form for a TFN and give that to their high school, so that they can send it back to the ATO to process. This way ATO can prove your child’s identity.
  • Did you know that the first income tax was filed in England back in the 1404.
  • Very little people know that Australia has the eighth highest corporate tax rate in the world.
  • Did you know that you as a trustee of a fund can get a penalty up to $170 per day, if you don’t show up on the appoint date with your public officer or if you don’t meet the requirements. Therefore, to avoid such scenarios and ensure trust tax return, a professional accounting services provider.
  • If the trustee of a fund is not a resident of Australia, the trust tax return must be lodged by the public officer.
  • Did you know that if you earn $50,000 or less, you are eligible for the ATO’s free tax help program. A group of volunteers help people with their tax returns by providing free and confidential services.
  • Approximately 2 000 individuals and companies were prosecuted for tax and superannuation fraud by the ATO in the 2011-12 financial year.
  • For the fiscal 2011-12 year, ATO collected $301 billion in taxes (individual tax return, companies, superannuation funds, petroleum rent tax, and fringe benefits tax).
  • People over 65 can now receive 40% rebate on their health fund premiums oppose to the 30% for the people under that age. You can claim this from your health fund or on your tax return.
  • Did you know that there is no need to worry if you haven’t included all your tax deduction since you can lodge an amended return to the ATO and have them the problem solved.