You should make every effort to lodge your return by the due date. If you are late, you may receive a fine or interest penalty charge from the ATO. Another benefit of being an Norwest client means that we may be able to help you minimise charges with our lodgement extension/remittance.

Most people need to lodge a tax return each year. If you had tax taken from any income you received during the financial year, you need to lodge a tax return. However, there are certain exceptions based on age, income and expenses. Your best bet is to contact us for a no obligation chat.

Generally the Australian Tax Office (ATO) take up to 12 working days to process returns. However if the ATO exceed their standard processing time, then we will follow up the process and ensure that it is processed as soon as possible.

There may be some circumstances where receipts are not required, but to maximise your tax deductions we highly recommend that you keep all your receipts related to work and business.

All income must be declared. This is because the tax office needs to determine what tax rate applies to your other earnings for the year. You may be entitled to an offset to ensure that no tax is payable on your benefit.

Taxes are calculated based on the whole financial year. If you earnt less than the tax-free threshold (currently at $18,200) you may get your tax back, depending on your circumstances.

There is no limit on the amount claimed each year, provided the expenses are necessarily incurred in earning your income. The expenditure must be work related and you may need receipts to substantiate the expenditure. Keeping incomplete, incorrect or no records at all may be limiting your ability to claim deductions.

Documentary evidence should be kept for five years from the date of lodgement of the tax return in which the claims are made. If you are depreciating an asset the receipt should be kept until the item is fully depreciated (even if over 5 years).

You will only have to pay tax on any earnings you make from the time that you moved to Australia. If the money that you brought with you earns interest in a bank account you will have to pay tax on the interest.

Fees paid to a registered tax agent (Norwest Business Solutions) for preparation of your return, amendments and generally handling your tax matters are all deductible.