Lodging Your Tax Return: This One Is for the Nation
In This Chapter
Completing and lodging your tax return
Receiving a notice of assessment
Putting together other types of tax return
Dealing with prior year lodgements
I f you earn income, at the end of each financial year, whether you like it or not, you have a legal obligation to lodge a tax return for individuals with the Tax Office by 31 October (unless you’re on a tax agent’s lodgement program). This obligation means you have to disclose the taxable income you derived during the previous financial year. Remember, Australia’s financial year commences on 1 July and ends on 30 June. The headache part of the exercise involves the records you have to keep, and grappling with the various tax issues associated with preparing your tax return. To take the pressure off, you can always see a tax agent if you get into difficulty when preparing and lodging your return.