Tax Returns
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.
regressive tax
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.
Proportional tax
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.
Progressive tax
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.
individual tax returns
An individual tax return is a form the individual submits to a federal, state or local taxing agency to report income, calculate and pay taxes. The disclosure of pertinent information assists in assessing the tax due.
company returns
An annual return is not a financial document — it's a record of publicly available information about your company that appears on the Companies Register. That information, which includes your address and details of directors and shareholders, must be updated each year through an annual return.
smsf returns
The SMSF annual return is more than an income tax return. It is also used to report super regulatory information, member contributions and pay the SMSF supervisory levy. If your fund did not have assets in the first year it was registered, you may not need to lodge a return for that year.
trust returns
IRS Form 1041 is an income tax return filed by a decedent's estate or living trust after their death. It's similar to a return that an individual or business would file. It reports income, capital gains, deductions, and losses, but it's subject to somewhat different rules than those that apply to living individuals.
business planning
A business plan is a written document that describes in detail how a business—usually a new one—is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational viewpoint. ... Although they're especially useful for new companies, every company should have a business plan.
business activity statements
Activity statements are issued by the ATO so that businesses can report and pay a number of tax liabilities on the one form at the one time. There are two types of activity statements – an instalment activity statement (IAS) and a business activity statement (BAS).
Not to be confused with
Tax refund.
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
Some FAQ’s.
Is it necessary to attach documents with Income tax return?
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.
What information do I need to complete my tax return?
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).
do i have to lodge a tax return
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.
will i penalised for lodging my returns late
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.