Certified Practicing Accountant
Regi. Tax agent & Regi. ASIC Agent
jason@taxcodeaccounting.com.au
 
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Do you need to lodge a tax return?

If any of the following applies to you, then you must lodge a tax return.

REASON 1

During 2013 –14, you were an Australian resident and you:

  • paid tax under the pay as you go (PAYG) withholding or instalment system, or
  • had tax withheld from payments made to you

REASON 2

You were eligible for the seniors and pensioners tax offset (see pages 40–3) and your rebate income (not including your spouse’s) 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 one of you lived in a nursing home or you had to live apart due to illness (see the definition of Had to live apart due to illness on page 42), or
  • $28,974 if you lived with your spouse for the full year.

REASON 3

You were not eligible for the seniors and pensioners tax offset but you received a payment listed at question 5 on page 13 and other taxable payments which, when added together, made your taxable income more than $20,542.

REASON 4

You were not eligible for the seniors and pensioners tax offset and you did not receive a payment listed at question 5 or 6 on pages 13 and 14, 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 2014 and your income was not salary or wages
  • $1 if you were a foreign resident and you had income taxable in Australia which did not have non-resident withholding tax withheld from it
  • your part-year tax-free threshold amount, if you became or stopped being an Australian resident for tax purposes

OTHER REASONS

You must lodge a tax return if any of the following applied to you:

  • You had a reportable fringe benefits amount on your:

– PAYG payment summary – individual non-business, or

– PAYG payment summary – foreign employment.

  • You had reportable employer superannuation contributions on your:

– PAYG payment summary – individual non-business

– PAYG payment summary – foreign employment, or

– PAYG payment summary – business and personal services income.

  • You were entitled to the private health insurance rebate but you did not claim your full entitlement as a premium reduction, and your spouse (if you had one) is not claiming the rebate for you in their income tax return.
  • You carried on a business.
  • You made a loss or you can claim a loss you made in a previous year.
  • You were 60 years old or older and you received an Australian superannuation lump sum that included an untaxed element.
  • You were under 60 years old and you received an Australian superannuation lump sum that included a taxed element or an untaxed element.
  • You were entitled to a distribution from a trust or you had an interest in a partnership, and the trust or partnership carried on a business of primary production.
  • You were an Australian resident for tax purposes and you had exempt foreign employment income, and $1 or more of other income. (For more information about exempt foreign employment income.
  • You are a special professional covered by the income averaging provisions. These provisions apply to authors of literary, dramatic, musical or artistic works, inventors, performing artists, production associates and active sportspeople.
  • You received income from dividends or distributions exceeding $18,200 (or $416 if you were under 18 years old on 30 June 2014), and you had:

– franking credits attached, or

– amounts withheld because you did not quote your tax file number or Australian business number to the investment body.

  • You made personal contributions to a complying superannuation fund or retirement savings account and will be eligible to receive a super co-contribution for these contributions.
  • You were a liable parent or a recipient parent under a child support assessment, unless:

– you received Australian Government allowances, pensions or payments (whether taxable or exempt) for the whole of the period 1 July 2013 to 30 June 2014, and

– the total of all the following payments was less than $23,523

- taxable income

- exempt Australian Government allowances, pensions and payments

- target foreign income (see question IT4)

- reportable fringe benefits

- net financial investment loss (see question IT5)

- net rental property loss (see question IT6), and

- reportable superannuation contributions.

Deceased estate

If you are looking after the estate of someone who died during 2013 –14, consider all the above reasons on their behalf. If a tax return is not required, complete the Non‑lodgment advice 2014.

First home saver account

If you had a first home saver account in 2013 –14 and believe you are entitled to a first  home saver account government contribution, you must lodge either:

  • a tax return, or
  • a notification of eligibility

If you have read all the information above and know that you do not have to lodge a tax return, you still need to udpate tax office about your situation unless one of the following applies to you:

  • You have already sent us a tax return, non-lodgment advice, form or letter telling us that you do not need to lodge a tax return for all future  years.
  • You are lodging an application for a refund of franking credits for 2014.
  • Your only income was from an allowance or payment listed at question 5 on page 13 or you received a pension, payment or an allowance listed at question 6 on page 14 and

– your rebate income was less than or equal to the relevant amount in reason 2 (if you are eligible for the seniors and pensioners tax offset), or
– your taxable income was less than or equal to the relevant amount in reason 3 (the agencies that paid you have provided information for us to determine that you do not need to lodge a tax return).

Not lodging tax return on time carries $170 per month late lodgment penalties can go up to $850 per year.

- Above information is made available to you from ATO website as on  27-Jun-2014.