Income Tax is a tax that government imposes on Income . Income tax is the basic source of income for the government to fund its all services and activities to the public. This is the important revenue stream of Australian Taxation System. People earn income from various sources – salary, business (ABN), rental, dividend, foreign income, interest. Everyone is required to declare their income for full financial year (12 months ending 30 June) by 31 Oct and everyone has to pay the required income tax. Normally, Income tax is deducted from source of income. For example, employer will deduct the tax on salary income. Business people pay advance tax to Tax office. So in most cases, people get a refund since they had overpaid the income tax. Calculation of Income tax involves addition of income, tax paid and calculation not deductions and rebates. Normally , people are not fully aware of rules for claiming deductions and rebates. Tax agents like us help you calculate your income tax refund.
Income Tax Return is lodged to determine whether a client has to pay taxes or is eligible for a refund amount.
Pay $0 upfront and Get Same Day Tax Refund*
Who can lodge Income Tax Return?
- All income generating Entities—Business entities, for example – sole proprietorship, partnership business, companies.
- Tax free threshold is the amount on which no tax is payable. Income tax is payable once income is above the tax free threshold. Higher income implies higher income tax.
- We are registered tax Agent authorised by tax office to prepare and lodge your Income tax return. Once you register in our website, our accountant will call you in 15 mins, take your quick interview, maximise your refund and give you option of Same Day Tax Refund*