Lodging individual tax return is totally different from business tax return. Some people have lots of stressed about their tax return.
If you are an Australian Resident and you are doing job on tax and employer pay you income on tax and pay super, you will need to lodge your tax return 2020-21.
In your tax return, you must have to declare all source of income and lodge your return. Please be note that the refund amount is depends on your job-related expenses. So, may factors effect of your final refund. In case if your refund is more than you entitled for refund, ATO sometime review your case and if your deduction is satisfactory than they may release refund.
You can lodge your tax return by yourself through MyGov, with the help of tax agent like face to face and taxpayer can do online with the help of tax agent.
Tax return 2020-21 will start on 1st July and ending on 30 June. This is a timeframe where you must lodge your tax return for 2020-21. The deadline of tax return is 31st October. You just need to pay tax on whatever amount you earn income. Your employer must deduct amount as tax and super separately in each pay and notified to ATO on behalf of you. This is also called PAYG (Pay As You Go) withhold by employer. On the other hand, if you work as self-employed and work on ABN (Australian Business number), then you need to pay tax according to your income. Once you lodged your tax return, ATO will review your income and match with your employer payroll. The income and expenses as well as your deduction determine your refund. On the other hand, if you pay tax less then you must pay additional taxes to ATO for 2020-21. In case if you forget or missed to lodged tax return, you may be penalised for your late and missed return by ATO. Normally, ATO release refund within 2 weeks and sometime ATO take time to release refund but it’s depends on case to case.