Most individuals are required to file an income tax return every year. If you've paid income tax on your wages or salary throughout the financial year, it's necessary to submit a tax return. Additionally, there may be deductions or concessions available based on your occupation, age, and other factors. We can help you determine if you're eligible for any of these and assist in claiming back some of your money.

If you fail to submit your income tax return by the deadline of 31 October each financial year, you may face fines or penalty charges. However, as a client of Amplify Tax Solutions, we can potentially assist you in minimizing these charges by providing lodgement extensions.

After submitting your tax return, we will inform you whether you are eligible for a refund or have a tax liability to settle. Typically, refunds for online submissions are processed within 12 business days, while paper returns may take up to 50 business days. If you provided us with your Australian bank account details, your refund will be directly deposited into your account.

Delays in processing your return can occur due to various reasons, including recently filed returns for previous years, outstanding debts, or the need to verify information with other government agencies like Centrelink or the Child Support Program. If you haven't received your refund after 21 days, please contact us, and we will follow up on your behalf.

Whether you worked for a few weeks or the entire year, taxes are calculated based on your total income for the financial year. If your earnings fall below the tax-free threshold, which is currently set at $18,200, you may be eligible to receive a tax refund. However, it's important to note that your eligibility for a refund may depend on your specific circumstances. Additionally, even if you didn't earn enough to be taxed, filing a tax return is still necessary as you may be entitled to other government concessions that you wouldn't receive otherwise.

As a senior, you may be eligible for the Australian pension and tax offsets that go with it. You may be able to reduce the amount of tax and Medicare levy you pay and in some cases, eligible seniors may not even have to lodge a tax return.

It's crucial to understand the necessity of receipts when claiming tax deductions to avoid overpaying taxes. While some deductions require written evidence to support expenses, not having receipts doesn't necessarily mean you can't claim deductions. If your total claim for work-related expenses exceeds $300, you'll need written proof, but there are alternatives to receipts. Acceptable forms of written evidence include bank statements, credit card statements, BPAY reference numbers, email receipts, PAYG payment summaries, and paper or electronic copies of original documents. These documents must include the supplier's name, the expense amount, a description of the goods or services, and the date of the expense.

If you don't have a payment summary from your job, you can still obtain the necessary information by requesting a copy from your employer or payer, or by asking for a letter detailing your income and tax withheld. Additionally, you can review your payslips, time-sheets, and bank statements for relevant information.

It's necessary to report dividend statements and any interest earned from bank accounts, regardless of the amount, as income. The Australian Tax Office now uses data-matching services to compare the information provided by taxpayers with data from banks, ensuring accuracy.