At the end of every financial year, the ATO requires all TFN holders to lodge either a

  • tax return
  • non-lodgement advice

If the ATO does not receive either one of these from you, then you may receive a reminder letter and possibly a fine from them.

(If you have already notified that ATO that you’ve lodged a final tax return, then neither of the above will be necessary)

General reasons that you would need to lodge a tax return:

  • Tax was withheld from a payment you received, such as wages, interest, or dividends.
  • Your assessable income exceeded the tax free threshold of $18,200
  • You received a fringe benefit
  • You received a reportable employer super contribution
  • You carried on a business
  • You received a distribution from a trust
  • You had a capital gain event
  • You paid Pay As You Go Instalments and you wish to recover those instalments
  • You were under 18 years old and received dividends, interest, or trust distributions exceeding $416
  • You were 60 years old or older and you received an Australian superannuation lump sum payment that included an untaxed element
  • You made personal contributions to a complying superannuation fund or retirement savings account and will be eligible to receive a super contribution for those contributions
  • You received any foreign income
  • You held assets overseas worth more than $50,000
  • You have been requested by The Commissioner to lodge a tax return

The ATO’s online questionnaire will also help you figure out whether you need to lodge a tax return or a non-lodgement advice.

The lodgement due date for individuals is October 31st. However, if a tax agent is lodging your tax return for you, then the due date is May 15.

 

FAQs:

 

– Do I need to lodge a tax return if my wages were less than the $18,200 tax free threshold?

Possibly. If any tax was withheld from your wages, you will need to lodge a tax return to have that tax refunded to you. However, if no tax was withheld, and none of the other reasons apply to you, then you can lodge a non-lodgement advice.

– Last year I applied for a TFN because I had a part-time/casual job. This year I haven’t had a job or any other income. Do I need to lodge a tax return this year as well?

Probably not. If none of the other reasons for lodging a tax return were applicable to you, then you can lodge a non-lodgement advice this year.  

– I run my own business but I made a loss this financial year, do I need to lodge a tax return?

Yes. Even if you made a loss, you need to lodge a tax return showing your business income and expenditure.

– The only income I have is a little bit of bank interest, do I need to lodge a tax return?

Probably not. If the interest you earned was less than $18,200, and no tax was withheld from it (tax may be withheld if you have not provided your bank with your TFN), and none of the other reasons for lodging a tax return are applicable to you, then you can lodge a non-lodgement advice.

– I am a pensioner and receive a non-taxable pension, but I own shares that pay me a dividend, do I need to lodge a tax return?

No, if you have already lodged a final tax return, then no further tax return or non-lodgement advice is necessary. However, if your dividends were franked, you may want to lodge an application for refund of franking credits which can be done through your MyGov.