What do you mean by tax return?
A tax return is a form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes.
Under this system of taxation, the tax rate diminishes as the taxable amount increases. In other words, there is an inverse relationship between the tax rate and taxable income. The rate of taxation decreases as the income of taxpayers increases.
A proportional tax is an income tax system that levies the same percentage tax to everyone regardless of income. A proportional tax is the same for low, middle, and high-income taxpayers.
A progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. That means it takes a larger percentage from high-income earners than it does from low-income individuals.
What We Have Here for You
We look for ways to minimize your tax liability and maximize your deductions and will need certain information to help you with your tax return.
Not to be confused with
A tax return is the completion of documentation that calculates an entity’s income earned with the amount of tax payable to the government, government organisations or to potential taxpayers.
Frequently Asked Questions
ITR forms, whether filed manually or filed electronically, do not require any documents like proof of investment, TDS certificates, etc. However, these documents should be retained by the taxpayer and produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
There is no need for you to worry about compiling and providing us with masses of documents. One of the handy features of the Online Tax Australia solution is that after answering a set of simple ‘Yes’ or ‘No’ questions, the system will generate for you a list of the documents that you will need in order to complete your tax return online. In most cases there is no requirement for you to send any of these documents to Online Tax Australia or the Australian Taxation Office (ATO).
Most people need to lodge a tax return each year. If you had tax taken from any income you received during the financial year, you need to lodge a tax return. However, there are certain exceptions based on age, income and expenses. Your best bet is to come in and have a chat with us and we can talk you through it.
You should make every effort to lodge your return by the due date. If you are late, you may receive a fine or interest penalty charge from the ATO. Another benefit of being an RAY client means that we may be able to help you minimise charges with our lodgement extension.