Low income earners may need to lodge

If your taxable income is under the tax-free threshold, you may still need to lodge a tax return. 

Common reasons for this include:

• had pay as you go (PAYG) withheld from payments received during the year

• had a reportable fringe benefits amount on their income statement or PAYG payment summary

• had reportable employer superannuation contributions on their income statement or PAYG payment summary

• made a loss or can claim a loss made in a previous year

• were an Australian resident for tax purposes and had exempt foreign employment income and $1 or more of other income

• were entitled to the private health insurance rebate but did not claim their correct entitlement as a premium reduction

• were a liable or recipient parent under a child support assessment, unless both of the following applied

  • they received one or more Australian Government allowances, pensions or payments for the whole year

  • their income was less than $25,575.

You should always consult with your licenced tax agent or tax adviser before making any decisions involving your tax situation.

Stu Varidel and Your Choice Financial Planning Pty Ltd trading as Heart Financial Advisers are authorised representatives of Sentry Financial Services Pty Ltd AFSL 286786.

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