Need to lodge an income tax return?

Are you?
– An individual taxpayer?

At a glance:
– The Tax Office has updated its instructions on whether an individual taxpayer is required to lodge an income tax return for the 2016 financial year.

You should:
– Be aware of the situations in which you may be required to lodge an income tax return for the 2016 financial year.
– Contact us if you require any clarification or advice.

The Tax Office has updated its list of situations in which individual taxpayers may be required to lodge an income tax return for the 2016 financial year.

According to the Tax Office, there are a number of reasons why a taxpayer may be required to lodge an income tax return, including:

• Being an Australian resident and either paid tax under the PAYG withholding or PAYG instalment system or had tax withheld from income;
• Being eligible for the seniors and pensioners tax offset (SAPTO) and your rebate income was more than:
  – $32,279 if you were single, widowed or separated at any time during the year;
  – $31,279 if you had a spouse but you lived separately;
  – $28,974 if you lived with your spouse for the full year;
• Not Being eligible for the SAPTO but received a Government allowance or payment and the total of all taxable payments exceed $20,542; or
• Not Being eligible for the SAPTO and did not receive any Australian Government pensions or allowances, but your taxable income was more than:
  – $18,200 if you were an Australian resident for tax purposes for the full year;
  – $416 if you were under 18 years old at 30 June 2016 and your income was not salary or wages;
  – $1 if you were a foreign resident and you had income taxable in Australia that did not have non-resident withholding tax withheld from it; or
  – Your part-year tax-free threshold amount if you became or stopped being an Australian resident for tax purposes.

For more information, click here.

Remember:
– Failure to lodge an income tax return when required may result in substantial penalties and interest charges.