On July 1st the ATO launched a new online tool to help you determine whether you are required to lodge an income tax return.
· From 1 July 2012, the tax-free threshold increased from $6,000 to $18,200. This means that if you earned less than $18,200 in a financial year, you may not need to pay income tax. If you earned more than $18,200, you will only need to pay income tax on your earnings over $18,200.
You need to lodge a tax return for 2012-13 if:
· A) You paid tax, or had tax withheld
· B) Your taxable income was greater than $18,200 and you were an Australian resident for taxation purposes for the full year
- C) You were in business – regardless of the level of your income.
The new online ‘Do I need to lodge a tax return?’ tool can help you to work out whether you need to lodge.. To access the tool visit http://ato.gov.au/Calculators-and-tools/Do-I-need-to-lodge-a-tax-return/
For more details on whether you need to lodge an income tax return visit ato.gov.au/doineedtolodge
If you do not need to lodge a tax return for the 2012 -13 income yearyou should notify the ATO by completing a non-lodgment advice form 2013, and send it to the ATO by 31 October 2013.