If any of the following applies to you then you must lodge a tax return
During 2015-16, you were an Australian resident and you:
- paid tax under the pay as you go (PAYG) withholding or instalment system, or
- had tax withheld from payments made to you.
You were eligible for the seniors and pensioners tax offset, and your rebate income (not including your spouse’s) was more than:
- $32,279 if you were single, widowed or separated at any time during the year
- $31,279 if you had a spouse but one of you lived in a nursing home or you had to live apart due to illness or
- $28,974 if you lived with your spouse for the full year.
- You were not eligible for the seniors and pensioner’s tax offset but you received a payment and other taxable payments which when added together made your taxable income more than $20,542.
- Newstart allowance
- Youth allowance
- Austudy payment
- parenting payment (partnered)
- partner allowance
- sickness allowance
- special benefit
- widow allowance
- farm household allowance
- there are others, so if in doubt contact Centrelink
You were not eligible for the seniors and pensioner’s tax offset and you did not receive a payment but your taxable income was more than:
- $18,200 if you were an Australian resident for tax purposes for the full year
- $416 if you were under 18 years old at 30 June 2016 and your income was not salary or wages
- $1 if you were a foreign resident and you had income taxable in Australia which did not have non-resident withholding tax withheld from it, or
- your part-year tax-free threshold amount if you became or stopped being an Australian resident for tax purposes;
You must lodge a tax return if any of the following applied to you.
- You had a reportable fringe benefits amount on your
- PAYG payment summary – individual non-business, or
- PAYG payment summary – foreign employment.
- You had reportable employer superannuation contributions on your
- PAYG payment summary – individual non-business
- PAYG payment summary – foreign employment, or
- PAYG payment summary – business and personal services income.
- You were entitled to the private health insurance rebate but you did not claim your correct entitlement as a premium reduction, and your spouse (if you had one) is not claiming the rebate for you in their income tax return.
- You carried on a business.
- You made a loss or you can claim a loss you made in a previous year.
- You were 60 years old or older and you received an Australian superannuation lump sum that included an untaxed element or it is a superannuation lump sum death benefit paid to you as a non-dependant.
- You were under 60 years old and you received an Australian superannuation lump sum that included a taxed element or an untaxed element or it is a superannuation lump sum death benefit paid to you as a non-dependant.
- You were entitled to a distribution from a trust or you had an interest in a partnership and the trust or partnership carried on a business of primary production.
- You were an Australian resident for tax purposes and you had exempt foreign employment income and $1 or more of other income.
- You are a special professional covered by the income averaging provisions. These provisions apply to authors of literary, dramatic, musical or artistic works, inventors, performing artists, production associates and active sportspeople.
- You received income from dividends or distributions exceeding $18,200 (or $416 if you were under 18 years old on 30 June 2016) and you had
- franking credits attached, or
- amounts withheld because you did not quote your tax file number or Australian business number to the investment body.
- You made personal contributions to a complying superannuation fund or retirement savings account and will be eligible to receive a super co-contribution for these contributions.
- You were a liable parent or a recipient parent under a child support assessment unless you received one or more Australian Government allowances, pensions or payments for the whole of the period 1 July 2015 to 30 June 2016, and the total of all the following payments was less than $23,752
- taxable income
- exempt Australian Government allowances, pensions and payments
- target foreign income
- reportable fringe benefits
- net financial investment loss
- net rental property loss, and
- reportable superannuation contributions.
For any further information or to book your 2016 Tax Return appointment please contact us.