TFN Archives - Advice on Australian Tax Returns & Online Tax Advice on Australian Tax Returns & Online Tax

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Should I Lodge Online or Find A Tax Accountant?

Are you looking for a tax accountant?

Many taxpayers are searching for a tax accountant near their area to lodge their tax returns. However, what would you say if you could lodge right from your bedroom?

Check out these steps on how to easily lodge your tax return online and tax tips on how to choose a tax accountant. Afterward, you can choose which option is right for you.

What about saving time? 

With E-lodge, our tax preparation services provide you with a user-friendly site, with which you can enter all the information. Unlike online tax services who you are paying for the complexity of your return, private accountants charge higher flat fees per the hour you are spending on your tax return.

On top of that, you don’t need to leave your home or can even finish your tax return on your lunch break. Here’s how to lodge your return online with us: Read the rest of this entry »

Can I Claim the Tax-Free Threshold at Two Jobs?

Over the past decade or so, we’ve seen shifts in the workplace. One of these shifts is an increase in multiple-jobholders.  

It’s no longer odd to see a father at home with the kids on a Monday afternoon, a woman owning a billion-dollar company, or people (male or female) working for more than one employer at a time. No matter what the job situation may be, we all have one thing in common that we need to prepare for; taxes.

The ATO has created an income limit known as the tax-free threshold. This allows Australian workers to not be taxed on income earned up to a certain point. That limit is $18,200.

So, how do you claim this tax-free threshold at two jobs? Well, it depends.

How much of an income are you earning?

The ATO typically allows you to only claim the tax-free threshold from your primary source of income, or in other words, the job that earns you the higher salary.

If you have a secondary job that earns you a bit less income, that employer will withhold tax at the higher, ‘no tax-free threshold’ rate.

Read the rest of this entry »

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

OR

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

Read the rest of this entry »

How to Lodge a 2017 Tax Return

Time to lodge your 2017 tax return.

This tax season runs in between 1 July to 31 October. With that in mind, when the time comes to lodge your 2017 tax return, it can make you feel like your mind is running a marathon and the finish line is nowhere in sight. Luckily, there are a few ways to lodge your tax return.

 

How do I lodge my taxes?

Taxes get complicated but keep in mind that you have more than one option for lodging your taxes.

  1. Lodge online: You can lodge with a registered online company.
  2. Lodge with a registered tax accountant: You can visit your local tax office to lodge with a tax agent. Tax season can be busy so be prepared for lengthy waiting times, steep prices and consultations.
  3. Lodge through the ATO: You can lodge on the Australian Tax Office (ATO) website or MyGov. Keep in mind that your return will be self-prepared using MyGov.

You might be wondering if you could make this process simpler.
Read the rest of this entry »

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 »

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.

Read the rest of this entry »