As much as we hate paying our taxes there is no escape from it. As law abiding citizens it is our duty to pay our taxes to the government on time. As we all know not paying our taxes would be considered punishable by law. Nearly every country chargers some kind of a tax from their taxpayers so it would not just be your country that chargers a tax from you. The major purpose of tax would be to increase the revenue which would fund the government. This tax money would be used for the development of the country and for its economic infrastructure. There are many variety of taxes charged by the government of a country. Some examples for some common taxes charged by many countries would be taxes on income, taxes on payroll or workforce, taxes on goods and services and many more.
If you are a resident living in Australia there is one type of tax that you should probably look into before it’s too late, which is the lodge tax return. However this type of tax applies not to all individuals living in Australia but to some individuals.
Here are some ways to clarify if you are one of those individuals who should pay their prior year tax return at https://ezytaxonline.com.au/late-tax-returns/. One quick and easy way to find out whether you are one of those individuals is by using the Australian Taxation Office website’s (ATO) online tool. If you are a person earning more than $18,200 then you are one of those individuals who should look into this type of tax. If you have paid your tax on income but earns less than $18,200 you are still expected to pay the tax. However if you earn less than $18,200 and haven’t paid your tax on income you might not be expected to pay this tax but this can vary according to some conditions applied by the government. Some conditions could be considered as such; if you are entitled for private health insurance repayment, if you have made a loss or can claim a loss which was made in the previous year or had reportable fringe benefits amount on your PAYG Summery.
When paying this type of tax you need to make sure you pay the amount on a given deadline. This date applies to every person paying this type of tax and that given date is after 30th June and before 31st October. As long as you pay within this period you are safe. There is also a new method for paying this tax which is of course online. People have found this method to be very time saving and easy. For more info about superannuation back, https://ezytaxonline.com.au/super/