INDIVIDUAL’S INCOME TAX ACCOUNTS FOR 47.1 PER CENT OF TOTAL TAXATION RECEIPTS TO GOVERNMENT REVENUE.
Most Australians are required to lodge an annual tax return if they receive income from sources such as employment or investment. Other government agencies such as Centrelink also require individuals to lodge an annual return or at least formally notify the Tax Office that they do not need to do so (e.g. taxable income is below the relevant tax threshold) as they use this information to reconcile the individual’s income to eligibility for benefits such as family tax benefit (FTB) or pension payments.
Business Matters can:
- Advise you if and how you can meet your statutory duties without paying unnecessary tax.
- Offer you personalised taxation advice to suit your individual position and provide (where possible) tax planning to better your present and future tax obligations.