All About The 2013-2014 Tax-Free Threshold And Your Tax Returns Kalgoorlie

The end of the 2014 financial year is just a few months away. Before you know it, it’s tax time again – the time to lodge that much dreaded tax returns Kalgoorlie.

When lodging your tax returns this tax year, you should know that the Australian tax-free threshold has been increased to $18,200. This means that if you haven’t filed your 2012-2013 taxes yet and you are planning to file it this 2013-2014 financial year – there’s probably a tax refund waiting for you. You need to be careful when it comes to filing and make sure that you do not to get in trouble with the ATO. This is where the professional services of tax accountants come in most handy.

The Tax-Free Threshold Changes
The tax-free threshold in 2011-2012 financial year was $6,000. But the threshold has been increased to $18,200 starting 2012-2013 tax years and onwards – thanks to the Clean Energy Future package.

So, if you are an Australian resident for tax purposes, you would be pleased to know that you would only be paying taxes for the taxable income exceeding $18,200. You will get a higher tax rate on your tax returns Kalgoorlie as your income goes higher.

In 2013, (according to a report from the Australian Taxation Office) taxpayers who used the $18,200 tax-free threshold for Pay-As-You-Go withholding purposes on their tax returns were able to save money equivalent to:

$350 = a week
$700 = a fortnight
$1,517 = a month

Claiming The Australian Tax-Free Threshold – What You Need To Do
When it comes to claiming this tax-free threshold, and make sure that you pay taxes only for the income you earned over $18,200 – it would be good to let tax accountants sort things for you. As an overview, here are some of the things you need to satisfy:

1. Be an Australian resident for tax purposes
You are considered an Australian resident for tax purposes if you live in Australia for a minimum of 6 months. This also means that you can claim the tax-free threshold on your tax returns Kalgoorlie. If you’d like to learn more whether or not you are considered as an Australian resident for tax purposes, you can visit the ATO website or discuss things with tax accountants in your local area.

2. On your tax file number declaration, mark ‘yes’ for claiming the tax-free threshold.
When your employer asks you to fill in a tax file number declaration, make sure to mark ‘yes’ to the tax-free threshold claim. If your employer doesn’t let you fill it in, ask them for it.

To make sure that you’re on the right track, and that you get a maximised tax refund and minimised tax bill – you might want to consider hiring a tax accountant to file your tax returns on your behalf.

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