Individuals

If you are an Australian resident that has had personal tax withheld from dividends, wages or interest, you will need to complete an individual tax return.  If you have an ABN and run a sole trader business, even if your income is under $18,200, you will need to complete an individual tax return.

While all income must be declared, you may also be entitled to get some of the pre-paid tax back from the ATO.  This amount will vary per person depending on how much you earned and what deductions are being claimed in the tax return.

Using a tax agent to lodge your tax return is common in Australia and the fee is deductible in the next tax return.  As tax laws can change each year, more complex tax returns are less likely to be to be completed with full ATO compliance on the myGov website due to the complexity of the Australian tax laws.

We recommend using a tax agent to complete complex tax returns which include those with capital gains tax, cryptocurrency transactions, rental income or business income.  Our team at OTC Tax & Accounting are able to provide personal instruction for your income tax return either in our office, over the phone or via electronic means.