It’s Almost Tax Time
As I’m sure you all already know, life ain’t cheap and a few extra dollars can really make a difference, particularly if you’re a student! Many of you will have even worked part-time or casually in the last year to populate that wallet with a bit more coin (because, let’s face it, the cost of noodles, textbooks and cider adds up!). And, if you did work, you most likely paid tax on your earnings. But, now could be the time you get some of those taxes back.
Yep, it’s tax time
It’s right about now the air gets thick with such phrases as “tax return” and “claiming back”. Yes, it’s tax time. More importantly, this means anyone who worked at all in the past year and paid tax may be eligible for a refund. Woo hoo!
So, if you’re one of the many people who’s a little green about the whole tax thingo, keep reading to learn a bit more about it, and find out how you can possibly get some extra cash in your sky rocket in the form of a tax return.
Tax Return Info
A great place to start is on the Australian Tax Office’s website, which has pretty much all the info you need on the whole tax sitch. Or else get in contact with one of the many tax professionals out there. There’s plenty available online, such as ITP or Online Tax Australia; or you might even go old school and chat with a person in the real! A registered tax agent should also be able to tell you if you’re eligible to claim back any work or study-related expenses.
If you have worked in the past year and paid tax your employer should provide you with a payment summary at the end of the financial year. This will show you the total amount you’ve earned in the financial year as well as how much tax has been taken out of your pay.
The amount you’ve earned is the amount you declare on your tax return. After you’ve lodged your tax return, the guys at the ATO give it a look-see and let you know if you’re going to be refunded any cash. Basically, if you have paid too much tax, then you will get a refund.
Lodging a Tax Return
Your tax return can be lodged anytime from July 1 (so long as you have all the pay summary info – if not, ask your employer). There are several ways to do this:
- Lodge an online e-tax return via the Australian Tax Office (ATO). It’s super simple and most refunds are processed within 12 business days. All the deets about lodging online are here.
- Like the retro snail mail? Go old school and fill out a Tax Pack print form and send it to the Australian Tax Office. You can download your Tax pack from the ATO website. Most refunds done this way are issued within 50 business days of lodgement.
- Set up an appointment with a registered tax agent.
Want to learn more about tax, investing and personal finance?
Check out this range of books