what is a tax return?

A tax return for the year 2023 refers to the process of filing a document with the Australian Taxation Office (ATO) to report your income, deductions, and other relevant information for the financial year running from July 1, 2022, to June 30, 2023. This allows the ATO to calculate your tax liability for that period and determine if you are eligible for a refund or if you owe any additional taxes.

why should you lodge your tax return?

It is a legal obligation for individuals and businesses to lodge their tax returns with the ATO. It helps maintain the integrity of the tax system and contributes to the overall functioning of the economy. Lodging your tax return provides you with an official record of your income, deductions, and financial transactions for the year. These records can be useful for future reference, loan applications, or financial planning purposes.

While tax time may not be particularly thrilling, we can at least help make it less stressful. Glen has provided a general list of documents that you will need before you lodge your tax return.