If you are new to Sydney or English is your second language, this overview will help answer some questions about tax in Sydney.
What is a tax return?
A tax return is a documentation filed with a tax authority that reports income, expenses, and other relevant financial information. On tax returns, taxpayers calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes. Something as simple as claiming Medical expenses or working for less than 12 months of the tax year can trigger a tax refund, depending on your situation.
Who gets a tax return?
People can get a refund if you overpaid your taxes the year before. This can happen if your employer withholds too much from your paychecks (based on the information you provided on your W-4). If you’re self-employed, you may get a refund if you overpaid your estimated quarterly taxes.
How does a tax return work in Sydney?
When you lodge online with myTax or use a tax agent, Sydney tax agents pre-fill your tax return with information they already have. For example, employment income and bank interest Your tax return must be lodged or you must engage a tax agent by 31 October. Your tax return covers the income year from 1 July to 30 June. An individual tax return Sydney is a type of income tax return filed by an individual person. Both single and married taxpayers, with or without dependents are required to file a return.