Income and deductions
Income tax is paid on the money you earn during the financial year, and this includes earnings such as; salary and wages, Centrelink payments, investment income from rent, interest and dividends, and profits from selling shares or property.
You can reduce the amount of tax payable to the Australian Tax Office by claiming certain deductions that are directly related to you earning your income.
Your tax liability can be reduced further by the use of eligible tax offsets or government rebates.
Information on this topic:
Lodging prior years’ tax returns
If you have not lodged a previous year’s tax return, it’s essential to get up to date as soon as possible to avoid a penalty that may be applied by the Australian Tax Office.
As registered tax agents, we can prepare and lodge your prior year tax returns for you, so contact us today to get all your tax returns filed.