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Individual Tax Return Instructions: Everything You Need To Know

The tax season is one of the most hectic and stressful times of the year for both individuals and businesses. While businesses have a detailed record of their transactions and earnings at hand, individuals might not always have the same luxury. We are here to provide the necessary information and guidelines to individuals so that they can file their tax returns.

For an individual to file taxes in Australia, first, they have to understand what their residency status is. Next, they must gather all the necessary tax documents, such as employer payment summaries. Then, they have to determine their taxable income. After that, they need to lodge their tax returns within the deadline.

Now, let’s take a deeper look at our step-by-step instructions for income tax return for individuals.

A guideline for Individual Tax Return Instructions 2023

Filing a tax return properly and within time is very important. This helps relieve a lot of stress while also ensuring you don’t have to deal with legal issues. For an individual, filing a tax return for individuals 2023 might be quite stressful, especially if they don’t know the proper procedure for doing so. 

To help you, we have prepared a guideline to get you through the complex process of filing ATO tax returns for individuals.

Understanding the tax residency

Your tax returns for individuals’ 2023 obligations will vary depending on your tax residency status. For instance, if you stay in Australia for at least six months during a tax year, you will be considered a resident when it comes to paying taxes. Your obligations will be much different to those of a non-resident.

Gathering all the necessary documents

Once you know what your tax residency is, you then have to collect all your necessary documents for filing individual taxes. These documents include the payment summary from your employer, bank statements that show if you have earned any interest, and good statements from various investment accounts. 

Apart from these, you must also submit the records of any benefit or payment you might have received from the government and records of deductions or expenses you might want to clean off your tax records. All of these are extremely crucial to filing individual income taxes. 

Calculating tax incomes

Once you have gathered all the necessary documents, you now have to calculate your taxable income. The following incomes will be under taxable income

  • Your salary and wages
  • Rental Income
  • Capital gains you have earned from selling assets.
  • Income from investments
  • Payments and benefits received from the government

But you can claim a few tax deductions that reduce your taxable individual tax return. These are also very important to you personally since; otherwise, you have to pay a lot more than you are owed in taxes. 

The following are the most common deductibles. 

  • Expenses related to works
  • Any donations you have made to charities
  • Self-education expenses
  • Costs of medical service received
  • Premiums are paid for income protection insurance policies. 

Lodging your income tax returns

After calculating your taxable income, you must fill up the appropriate forms. Then you have to lodge your income tax returns within the due date for individual tax returns. In Australia, there are two ways to file your individual tax returns. These are:

  • Online: This is the best and most convenient method of lodging your tax return in Australia. The ATO has an online tax lodging system, MyTax. You can lodge your individual tax returns through this system quickly and easily.
  • Registered Tax Agents: Sometimes, your tax filings might be too complex. In this case, you might face a few difficulties lodging individual taxes. You should take help from a registered tax agent to file the taxes on your behalf, which will ensure safety.

Keeping all the receipts and records

Just because you have filed your taxes doesn’t mean you should throw away all your records and receipts. Sometimes the ATO will ask for your tax records for audit purposes. To avoid legal trouble, you should keep all these records and receipts for at least five years.

Seeking professional help

Tax filings can be complicated, so it is easy to get confused. If you feel you do not understand something, feel free to seek professional help. We provide easy and detailed professional solutions to all your tax-related queries. 

Final Words

Filing individual tax returns can be quite a hassle, but it is important nonetheless. Professional tax filing services will ensure you don’t get into any legal trouble while filing taxes and make things easier for you. 


What is the deadline for filing individual tax returns in Australia? 

The last date for filing individual income tax returns generally is 31 October. But if you file your tax returns through a registered tax agent, you may get a deadline until 15 May next year.

Can I lodge my tax returns before the end of the financial year? 

Yes, you might lodge your tax return for individuals early before the financial year ends. But you might have all the necessary documents with you. 

How long does it take to receive a tax refund in Australia?

The time taken to provide tax refunds in Australia can depend on many things. This includes the method of lodging ATO tax returns for individuals, the complications of the tax return, and the season.

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