Tax time can be confusing – especially if you have never lodged a tax return before!
Did you know you can earn up to $18,200 tax-free? If you earn more than this, you will pay tax and the amount will depend on what you earn (and whether you claim the tax-free threshold). Check the tax rates on the Australian Taxation Office website for more info.
Make sure you are ready to lodge your tax return after the end of the financial year, 30 June. If you are eligible for a tax refund, this will ensure you get your money sooner – think of it as potential bonus savings!
When can I lodge my tax return?
You can complete your tax return from July to 31 October. Check out your MyGov account or visit the Australian Taxation Office for more information on tax deadlines.
How can I lodge my tax return?
You can lodge your tax return easily online via myTax, but if it is more complicated and you are not sure what you can claim, it might be worth hiring a tax accountant. Check the cost first and decide if it is worth it for you. A lot of information on income declarations and eligible deductions is available on the Australian Taxation Office website.
Tax Help Program
Lodging a tax return can sound daunting – especially if it’s your first time. Don’t procrastinate, there is help available from the Australian Tax Office through their Tax Help program if you earn less than $70,000 a year and meet eligibility requirements
If you are eligible for the Tax Help program you will need to make an appointment and also create a MyGov account and link it to the ATO. A lot of information is entered directly into your MyGov account which makes it easier for you to complete your tax return.
If you are not eligible for Tax Help you may qualify for assistance from a National Tax Clinic program.
International Students
International Students are eligible to claim a full tax return on earnings up to $18,200 if considered a resident for tax purposes i.e. continuously residing in Australia 6 months or more. Visit the ATO website for info.
Information guides:
- The Tax Return Guide For International Students in Australia
- Tax Returns in Australia | Study in Australia
- If you are leaving Australia before the end of a tax (financial) year, you may also be able to lodge your tax return earlier. Lodge your tax return before leaving Australia.
Financial Counsellors at La Trobe
If you want more information on lodging your tax return or are struggling with the cost of living or any other financial issues, do not forget to contact Financial Counselling who will help you work through your options.
For more information on the range of services, Financial Counselling can provide or to register for an appointment, visit our Financial Counselling website.