Is this your first Tax Return?
I love seeing younger clients for their first tax return. It’s their first time they have worked, earned money, and now pay tax (maybe). Its also my opportunity to teach them about tax compliance and how it works. It helps to set them up for the best possible future financially. But do they need to lodge a return? Technically anyone who earns income needs to lodge, but my main rule is has your employer withheld tax from your income? If so then you need to lodge because its likely you will receive a refund. What I also love about the first tax return is it’s the first time the Australian Taxation Office (ATO) will receive any information about that taxpayer and what they do. It starts their compliance history and its important to start this right. I often see 18 year old’s who have earned less than $18,000 – so they pay no tax – but I treat their tax return the same as anyone else, go through all deductions possible and explain what they can and cannot claim. It’s a great feeling to know I am educating the client from the beginning of their tax return life. This will empower them to know what to do in the future when Mum & dad aren’t coming with them to do their tax. If you have a son or daughter who starting working this financial year, bring them along when getting your tax return done. I can lodge a return on their behalf (if needed at no extra cost) and give them some knowledge to use in the future. Book an appointment now online.