As a taxpayer, when filing a return to the Australian Taxation Office (ATO), you have a responsibility to:
Accurately report your income: You are required to report all your income, including salary, wages, and any other sources of income such as interest, dividends, capital gains, and rental income.
Claim all deductions and offsets correctly: You can claim deductions for expenses that are directly related to earning your income. You can also claim offsets for certain expenses that reduce your tax liability. It’s important to ensure that you are eligible to claim these deductions and offsets, and that you have the necessary supporting documents.
Keep records: You should keep records of all your income and expenses, including receipts, invoices, and bank statements, for at least five years after lodging your tax return.
Lodge your tax return on time: You are required to lodge your tax return by the due date, which is generally 31 October. If you use a registered tax agent, you may be able to lodge your tax return later.
Pay any tax owed on time: If you have a tax liability, you are required to pay it by the due date. The due date for payment depends on your individual circumstances.
Be honest and transparent: You should be honest and transparent in your dealings with the ATO. If you make a mistake or provide incorrect information, you should correct it as soon as possible.
Seek professional advice if necessary: If you are unsure about any aspect of your tax return, it’s important to seek professional advice from a registered tax agent or accountant!!