Circumstances affecting Lodgement

It is mandatory to lodge your tax return and notify ATO otherwise you will be penalised for non-lodgement or fail to do the lodgement for the financial year.

➢   Foreign residents with study and training support loans

If you are foreign resident and you have a Higher Education Loan Program (HELP), Trade support loan (TSL) debt or VET Student loan (VSL), have the same repayment obligations as Australian resident.

If you live or intend to move overseas after study, ther repayment for this loan is the same as Australian resident in Australia.

If you are getting assessable income , you need to disclose world wide income during lodgement to ATO.

➢   Centrelink clients

If you are Australian citizen and you have received government benefits  or subsidies like Family tax benefits or child care subsidies.

ATO may ask your family income to centrelink. So, taxpayers have 2 options: either you can do tax lodgement or you have to complete a non-lodgment form and send it to ATO.

➢   Child support (liable and recipient parent)

If you are liable or recipient parent under a child support assessment and it’s applied from the year 2008, you may required to lodge tax return unless the following conditions apply as below:

• you received government benefits for the entire financial year
• Your assessable income was less than $25,575.

➢   Active ABN, pay as you go withholding or instalments

It’s mandatory to do the lodgment in financial year if ATO records shows that you have:

• had an active ABN
• reported pay as you go withholding
• reported pay as you go instalments

So you should not complete a non-lodgement form instead to do the lodgement for the financial year.

You will need to either lodge a tax return and notify ATO or consider cancelling your business registrations from the date you ceased trading of the particular financial year.

➢   Franking credits refund

If you have received franking credits on your dividends, you can claim refund of franking credits in your return.

Call us for further information on 1300 768 284

You can book an appointment for further information and verify with our experts whether you have to do lodgement or not. Taxpayers can book  call consultation as well.