It’s okay to acknowledge that someone else said it first or better. We’ve included links to these other experts to help explain some common issues or answer some common questions.
If these explanations don’t do the job, give us a call and together we’ll clear up any confusion.
Are you a tax resident?
To be considered a tax resident by the ATO, you must come under a number of categories: for example the amount of money you earn, your Australian citizenship status, or the way your visa operates will all determine whether or not you’re a tax resident. However if you were born in Australia, earn your money in Australia, or you’re a permanent naturalised Australian citizen, then you are a tax resident for Australian purposes.
When do I need to lodge a tax return?
You will need to lodge a tax return after the end of the financial year, on June 30.
If you lodge your own return
- you will need to do this by 31 October - and any tax bill will normally be payable by 21 March the following year. You can do this using the ATO's MyTax app, or you can complete a paper return
form.
If you engage a registered tax agent
- like us - to prepare it for you, you may be entitled to a lodgement extension.
Find out more about Loding your return here
What are ‘franking credits?’
Franking credits are refundable tax amounts attached to dividends paid by Australian companies.
When received by Australian shareholders, the tax credit is added to the actual dividend received - known as "grossing up for dividend" and then gross amount is included in the tax return as assessable income. Income tax is then calculated on the total assessable income and a credit is allowed for the "franking credit". Any excess credits can be refunded to the taxpayer.