Income Tax Returns - Individuals Chapter 14 Income Tax Returns - Individuals

Income Tax Returns Residents A resident individual must lodge an income tax return for the 2013/14 income year where any of the following apply: Taxable income exceeded $18,200 for the income year Amounts of tax were withheld from income received or earned Tax was deducted from interest or dividends under the Tax File Number provisions They became or ceased to be a resident of Australia for tax purposes

Residents (continued) They were a minor (i.e. under 18 years of age) at 30 June and derived non-wage or salary income in excess of $416 They were issued with an assessment under the Child Support (Assessment) Act. They carried on a business in Australia They have prior year losses or a loss in the current year They were entitled to a distribution from a trust or had an interest in a partnership

Residents (continued) They had exempt foreign employment income and $1 or more of other income They had a Reportable Fringe Benefit amount on their Payment Summary Recipients of the SAPTO and other government allowances or pensions, but subject to income level thresholds Thus, most resident individuals whose taxable income exceeds the tax-free threshold of $18,200 are required to file an income tax return.

Income Tax Returns Non-residents Individual non-residents whose taxable income in Australia exceeds $1 must also lodge an income tax return.