Frequently asked questions

For individuals not using a tax agent, the tax return must be filed by 31 October. If you are partnering with a tax agent, you may be eligible for an extension until mid-May the following year, but specific factors could mandate an earlier submission.

For Australian tax residents, the tax-free threshold is $18,200 annually. Claiming this threshold reduces tax withholdings from your yearly salary. Mismanagement may lead to under-taxation and subsequent end-of-year bills.

Businesses must register for GST under specific circumstances, such as having a turnover exceeding $75,000 or providing taxi or limousine passenger services. Learn more about GST thresholds and conditions on the official ATO website.

If GST-registered, your business must lodge a BAS, facilitating the reporting and payment of several taxes, including GST and PAYG. Generally, businesses operate on a quarterly reporting cycle.

The Medicare Levy Surcharge (MLS) applies to individuals without appropriate private patient hospital cover who exceed certain income brackets. Details can be accessed on the ATO website.

Businesses must distribute a payment summary to employees by 14 July annually. With Single Touch Payroll's introduction, summaries are now dispatched electronically via MyGov accounts.

Tax records should be retained for a minimum of five years from the submission date of the associated tax return.

You can add to your super by entering into a salary sacrifice arrangement with your employer, making personal super contributions, or transferring super from foreign super funds. You may also be eligible for government contributions. There are limits on how much you can contribute to your super each year.