If you were a resident for tax purposes in Australia during the 2015 financial year, then you might be thinking about your tax return as we approach the end of the financial year. Most of our clients will have to lodge a return, but for some of you, your circumstances might have changed and you might not be required to lodge anymore.
The following information (provided and adapted from ATO website) will help you answer the question of whether you need to lodge a 2015 tax return or not. If you do not need to lodge a tax return, please advise us and we will process aNon-lodgment advice for 2015 on your behalf. We do not charge a fee for this service.
Scenario 1 - You have to lodge a tax return if you:
Were an Australian resident for tax purposes and,
Paid tax under PAYG Withholding System (i.e. through employment or instalment system) or
Had tax withheld from payments made to you (e.g. interest income from a bank)
Scenario 2 - You have to lodge a tax return if you:
You were eligible for the seniors and pensioners tax offset and your rebate income was more than:
$32,279 if you were single, widowed or separated at any time during the year
$31,279 if you had a spouse but one of you lived in a nursing home or you had to live apart due to illness (see the definition of Had to live apart due to illness in T1 Seniors and pensioners (includes self-funded retirees)), or
$28,974 if you lived with your spouse for the full year.
Scenario 3 - You have to lodge a tax return if you:
You were not eligible for the seniors and pensioners tax offset but you received a payment listed at question 5 and other taxable payments which when added together made your taxable income more than $20,542.
Scenario 4 - You have to lodge a tax return if you:
You were not eligible for the seniors and pensioners tax offset and you did not receive a payment listed at question 5 or question 6, but your taxable income was more than:
$18,200 if you were an Australian resident for tax purposes for the full year
$416 if you were under 18 years old at 30 June 2015 and your income was not salary or wages (e.g. you received a trust distribution)
$1 if you were a foreign resident and you had income taxable in Australia which did not have non-resident withholding tax withheld from it, or
your part-year tax-free threshold amount if you became or stopped being an Australian resident for tax purposes
Other Scenarios -
You have to lodge a tax return if any of the following apply to you:
You had a reportable fringe benefits amount on your
PAYG payment summary - individual non-business, or
PAYG payment summary - foreign employment.
You had reportable employer superannuation contributions on your
PAYG payment summary - individual non-business
PAYG payment summary - foreign employment, or
PAYG payment summary - business and personal services income.
You were entitled to the private health insurance rebate but you did not claim your correct entitlement as a premium reduction, and your spouse (if you had one) is not claiming the rebate for you in their income tax return.
You carried on a business.
You made a loss or you can claim a loss you made in a previous year.
You were 60 years old or older and you received an Australian superannuation lump sum that included an untaxed element or it is a death benefit superannuation lump sum paid to you as a non-dependant.
You were under 60 years old and you received an Australian superannuation lump sum that included a taxed element or an untaxed element.
You were entitled to a distribution from a trust or you had an interest in a partnership and the trust or partnership carried on a business of primary production.
You were an Australian resident for tax purposes and you had exempt foreign employment income and $1 or more of other income. (For more information about exempt foreign employment income, see question 20 Foreign source income and foreign assets or property.)
You are a special professional covered by the income averaging provisions. These provisions apply to authors of literary, dramatic, musical or artistic works, inventors, performing artists, production associates and active sportspeople.
You received income from dividends or distributions exceeding $18,200 (or $416 if you were under 18 years old on 30 June 2015) and you had
franking credits attached, or
amounts withheld because you did not quote your tax file number or Australian business number to the investment body.
You made personal contributions to a complying superannuation fund or retirement savings account and will be eligible to receive a super co-contribution for these contributions.
You were a liable parent or a recipient parent under a child support assessment unless you received one or more Australian Government allowances, pensions or payments for the whole of the period 1 July 2014 to 30 June 2015, and the total of all the following payments was less than $23,610
taxable income
exempt Australian Government allowances, pensions and payments
target foreign income (see IT4 Target foreign income)
reportable fringe benefits
net financial investment loss (see IT5 Net financial investment loss)
net rental property loss (see IT6 Net rental property loss), and
reportable superannuation contributions.
Franking credits
If you don't need to lodge a tax return for 2014–15, you can claim a refund of franking credits by using Refund of franking credit instructions and application for individuals 2015 (NAT 4105) and lodging your claim online, by mail, or phone 13 28 65.
First home saver account
If you had a first home saver account in 2014–15 and believe you are entitled to a first home saver account government contribution, you must lodge either:
a tax return, or
a notification of eligibility (if you are not required to lodge a tax return and you were an Australian resident for at least part of 2014–15) by completing First home saver account notification of eligibility (NAT 72947).
If you have read all the above information and know that you do not have to lodge a tax return, you should complete the Non-lodgment advice 2015 and send it to us, unless one of the following applies to you:
You have already sent us a tax return, non-lodgment advice, form or letter telling us that you do not need to lodge a tax return for all future years.
You are lodging an application for a refund of franking credits for 2015.
Your only income was from an allowance or payment listed at question 5 or you received a pension, payment or an allowance listed at question 6, and
your rebate income was less than or equal to the relevant amount inreason 2 (if you are eligible for the seniors and pensioners tax offset), or
your taxable income was less than or equal to the relevant amount inreason 3 (the agencies that paid you have provided information for us to determine that you do not need to lodge a tax return).