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If any of the following applies to you then you must lodge a tax return

Reason 1

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.

Reason 2

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.

Reason 3

  • 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

Reason 4

 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;

Other Reasons

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.