Australia question.....when do i have to do my tax?

Question

i have never put my tax in when do i do it? never ever had to do it its my first job hehe

Answer 1

This July is the start of the next financial year so between now and the end of July is the best time to do it... we do tax so the government can organize and budget their money along with us, if you earn over a certain amount (around $5000) a year you have to pay tax, if you earn under you can claim back money (YAY) so i can be good as long as you fall into that bracket

Answer 2

The taxation or financial year in Australia runs from 1st July to 30th June. If you prepare your own tax return you will be required to have it lodged with the ATO by 31st October. If, however, you lodge via a tax agent (such as an accounting firm or HR Block) that time for lodgement will be extended.

The tax free threshhold for 2008 financial year is $6000. If you have earned under this amount but have had tax withheld from your earnings you should still lodge a tax return to ensure refund of the tax withheld. You taxable income is made up of all earnings (from work) plus interest, dividends etc less any deductions (work related, donations).

If you are unsure as to what to do it may well be worth the $70 or $80 investment (which is tax deductible) and ensure that your return is correctly prepared on your behalf.