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What is the tax-free threshold for 2018?

tax-free threshold 2018
The first $18,200 of your yearly income is not subject to tax.

That sounds great, doesn’t it? This is known as the tax-free threshold. However, this only applies if you’re an Australian resident for tax purposes.

You can claim the tax-free threshold to reduce your tax withholding during the year. Find out if you’re eligible by reading on.

Here’s a breakdown of the 2018 tax-free threshold.
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The GST and Low Value Goods

What is the GST?

The ATO has announced a new tax law on the goods and services tax (GST) before the 2018 tax season. You may be wondering, what is the GST? The GST is a tax of 10% on most goods, services and other items that companies or other entities sell to Australia. We actually consume most of these goods!

New Tax Law

From 1 July 2018, the GST will affect businesses that sell low-value goods who import to consumers in Australia. Low-value goods have a customs value of A$1,000 or less when the price is under the agreement with the customer. However, any tobacco products or alcoholic beverages do not have the GST tax since they will be charged at the border.

Here’s the breakdown of the changes.

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Hobby vs Business: What is the Difference?

Everyone enjoys a good hobby.

From photography, scrap-booking, cooking or even horseback riding, each of these hobbies can turn into a business. With that in mind, when it comes time to lodge your tax return, your hobby could possibly be your business. Taxpayers get confused about whether or not they should be reporting their hobby as a business. Of course, you want to avoid being penalised if you’re not declaring income to the ATO, right?

Find out if your hobby is actually a business by reading below!

What is a hobby?

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Lost TFN? 5 Ways to Find Your Tax File Number

Can’t Find Your TFN? Let’s get down to business.

In order to lodge a tax return, you’ll need your tax file number (TFN). Even if your name or residency changes, your TFN will remain the same throughout your life. In other words, it’s something you’ll want to memorize or hold onto. We understand that memorizing this random combination of numbers is easier said than done. If you forgot your TFN, there’s more than one way to find it.


5 (easy)Ways to Find Your Tax File Number

If you can’t find your TFN anywhere, try looking on these documents:

  1. an income tax notice of assessment
  2. any correspondence from the ATO
  3. a payment summary
  4. a superannuation member statement


     5. you can phone the ATO directly at 13 28 61; option 1

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Top Ten Tips on Tax File Numbers

A TFN is a unique combination of 8 or 9 numbers issued to you by the ATO

You will need a TFN when lodging your taxes on E-Lodge and also when filling out a tax file number declaration, applying for different programs, and in a variety of other situations. Applying for a tax file number can take up to 28 days after submitting the tax file number application.

Having a TFN is very important!


Here are the top ten facts that you should know when it comes to tax file numbers:

1. You will need a TFN in order to:

  • Lodge a tax return
  • Start working or change jobs
  • Fill out a Tax File Number Declaration
  • Apply for income assistants or support programs
  • Claim the Family Tax Benefit (FTB)
  • Make or receive payments under PAYG withholding Read the rest of this entry »

Do You Need a Tax File Number to Lodge a Tax Return?

Even though you don’t need a TFN to lodge a return, they do make things a lot easier. Plus you need one in order to use E-Lodge!

A tax file number (also known as a TFN) is a unique nine-digit number issued to individuals and organizations by the ATO to help them keep track of everyone’s tax affairs.

The official word from the ATO is that you do not need to list a tax file number (TFN) on your tax return in order for it to be processed. However, not listing a TFN may delay your assessment and prevent you from getting your refund as quickly as possible.

Furthermore, if you don’t give your employer your tax file number, taxes will be withheld at the maximum rate, which is likely much higher than necessary. A TFN could help you keep more of the money you earn over the course of the year.

Getting a tax file number has myriad other benefits that are not just restricted to filing taxes. Having a TFN will help you Read the rest of this entry »

How to Find Your Australian Tax File Number

Lost your Australian TFN? …You’re not alone.

A tax file number (TFN) is a unique number issued to you by the ATO that helps them keep track of your Australian tax return and government payments. You only get one TFN for your entire life, even if your name or residency changes, so keep it confidential.

When lodging your taxes on E-Lodge or elsewhere, you’ll need to enter your tax file number so that the Australian Taxation Office can securely identify you. So whether you have yet to learn yours or you lost it, we’ll tell you what to do.


Why do I need a TFN?

Though not compulsory, it is highly recommended that you get a TFN. You will need it in order to do the following;

  • lodge an Australian tax return
  • ask the ATO a question about your taxes
  • apply for income assistance or support payments
  • claim the Family Tax Benefit
  • use PAYG withholding
  • start a new job, which includes filling out a Tax file number declaration or Withholding declaration
  • earn income from a savings account or investment
  • receive a HELP payment
  • join a superfund

Australian nonresidents should note that they don’t need a TFN to earn interest from an Australian bank account, dividends from Australian shares, or royalty payments.

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