All of Your Tax Questions Answered with Expertise in Perth

All Australian tax residents must lodge a tax return to the ATO. They must declare their income sourced from Australia as well as income sourced from overseas. Even if you have no taxable income, you must inform the ATO annually. If you are an Australian non-resident for tax purposes, you should lodge a tax return only if you have taxable income sourced from Australia.

Every financial year, you should lodge your tax return. However, if you cannot lodge your tax return in time, you should contact a professional accountant before the 31st of October. The team member of Atlas Business Solutions in Perth is always available to help.

If you are interested in determining your tax residency, please click here and follow the link.

You may claim some expenses as a deduction in your tax return if you only incur those expenses related to your work.

These expenses may include the following:

• Car expenses, including fuel costs and maintenance
• Travel costs
• Clothing expenses
• Education expenses
• Union fees
• Home computer and phone expenses
• Tools and equipment expenses
• Journals and trade magazines

A self-managed Superfund is a way to manage your superannuation by yourself. As a trustee, you can self-manage your superannuation only for the benefit of the Superfund, not for yourself. According to superannuation law, you can withdraw money from this fund only when you are eligible. Different rules apply for withdrawing money from a superannuation fund once you reach retirement age. For more details, please speak to an accountant from Atlas Business Solutions.

Before, all taxpayers received a private health insurance rebate if they had sufficient coverage under their private health insurance policy. Some changes have been made from 2013 onward. Private health insurance rebates will now be income tested. Taxpayers will get the rebate based on their income. For more information, please call Atlas Business Solutions.