1 June 2013
From 1 July 2012, the tax-free threshold increased to $18,200 and the low-income tax offset reduced to $445. A low-income earner's effective tax-free threshold is now $20,542 when taking into account the Low Income Tax Offset.
If your taxable income is under the tax-free threshold, there are reasons why you may still need to lodge an income tax return. The most common reason would be that you have had pay-as-you-go (PAYG) withheld from payments received during the year.
You can use the 2012-13 ‘Do I need to lodge?’ calculator on the ATO website, which will be available in July, to help determine if you need to lodge a tax return.
To find out more, please contact us.