Chapter 3

Lodging Your Tax Return: This One Is for the Nation

In This Chapter

arrow Completing and lodging your tax return

arrow Receiving a notice of assessment

arrow Putting together other types of tax return

arrow 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.

If you run a business in a partnership, company or trust structure (see Chapter 12 for more on these business types), you also have to lodge a tax return disclosing ...

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