In Australia, it is now the time to put together all of your financial documents and get prepared to lodge an income tax return for the 2022-2023 financial year.
According to the , you must lodge your tax return or engage with a tax agent by 31 October.
Sydney-based tax expert, Harjit Singh, has some tips and suggestions for people planning to lodge tax returns this year.
Harjit Singh is the founder of AIAFintax Accounting Practice. Credit: Supplied by Harjit Singh
Mr Singh is the founder of AIAFintax which is a professional accounting practice with over 14 years of experience in the accounting and taxation industry.
He tells SBS Punjabi, “The most significant change this year is that the low-and-middle-income tax offset will not be available”.
From 1 July, 2022, only those individuals who earned up to $66,667 this financial year may be eligible for the low-income tax offset.
However, for the 2018–19 to 2021–22 financial years, taxpayers were eligible to receive one or both of the low-income tax offsets or low-and-middle-income tax offsets.
(The) low-and-middle-income tax offset ended on 30 June, 2022… now you will receive the offset depending on your income.
Harjit Singh
Mr Singh says it is not difficult to prepare and lodge a tax return by yourself.
And he has some expert tips for those filing their tax returns for the first time.
To listen to these tips in Punjabi, please click on this audio interview.