- If you are a foreign resident and your only Australian sourced income derives from interest, dividends, or royalties (from which non-resident withholding tax is deducted)
- If you are a 417 or 462 visa holder and your taxable income is less than $37, 001 (however you can still choose to lodge one even if your income is less than $37, 001).
- Tax deducted from any payments made during the financial year
- If you are an Australian resident with a taxable income above the tax-free threshold (currently set at $18, 200)
- If you are a foreign resident who earned more than $1 in Australia
- If you are leaving Australia permanently or for more than one financial year
- If you choose to claim any tax deductions
So what happens if you fail to lodge a tax return?
Okay, so you're late, now what can you do?
Unsure On What Is The Best Strategy?
If you are unsure if an accountant or bookkeeper is more effective for your circumstances make sure you speak to one of our accounting experts that can guide you to achieve the best outcome based on your current circumstances.
Need a second opinion on your financial situation? Get in touch for an obligation-free meeting and start your journey on financial freedom today.
Who We Are
Aero Accounting Group is a leading accounting firm that assists SMEs and individuals achieve their true potential via the 6-Pillar strategy in order for their clients to live a financially abundant, stress-free and more fulfilling life.
Get in touch today at 02 8417 1090 or email us at firstname.lastname@example.org