Employed Individuals

As an employee, your tax withheld from wages under the PAYG system should exceed your tax payable under the Australian Income Tax Act

However, there can be instances when this isn't the case. This might apply where you are employed and:

  • You are an employee with dividend interest, or other investment income
  • You are self-employed or a partner in a partnership, or beneficiary in a trust
  • You are a company director
  • You own land or property that you receive rental income from
  • You have income from overseas
  • You have sold or given an asset away (such as a holiday home or some shares)
  • You’ve lived or worked abroad or aren’t domiciled in Australia
  • You have more than one employer and you claimed the tax-free threshold with both

Even if some of these activities do not generate a profit (such as rental properties or self employment), completing a tax return may be compulsory and even when a tax return is not required, it could create a tax loss that may lower your tax bill(s) and, therefore, voluntarily completing one can be beneficial.

PAYG Payment Summary

Your PAYG Payment Summary shows your total gross earnings from tax withheld by your employer in the financial year. It should also show allowances, reportable fringe benefit amounts, reportable employer superannuation contributions, termination payments and workplace deductions. You are entitled to this form from your employer by 15th July following the relevant tax year – even if you left employment with them during that same tax year.

What can TaxAssist Accountants do for me?

TaxAssist Accountants can do a number of things for taxpayers that receive most or all of the income from employment, such as:

  • Prepare and lodge your tax return
  • Determine whether you are required to lodge a tax return now, or in the future and advise the ATO of such
  • Determine whether lodging a tax return would be beneficial because you have tax losses to be carried forward and offset against future taxable income
  • Check that the tax-free threshold your employer is using to withold tax is appropriate – meaning the tax withheld by your employer each pay period is appropriate. Checking to see if you are claiming the tax-free threshold where you have multiple employments can be particularly important, as errors can often occur in such circumstances. Likewise, declaring your HELP debt to your employer is important once your taxable income reaches the HELP-repayment threshold. Updating these details with your employer(s) is as easy as completing a new Tax File Number Declaration
  • If you have incurred expenses as a result of being employed, we can determine and claim the maximum deductions allowable, ensuring you get the maximum refund you're entitled to. This might be for items such as business mileage (this excludes commuting to your normal place of work, unless carrying heavy tools or bulky equipment), hotel accommodation/meals/business phone calls, professional subscriptions and commuting from your normal place of work to another place of work

We give you a fixed, competitive price so that we can take the worry away when it comes to meeting your responsibilities and deadlines – whilst still ensuring that you pay only the right amount of tax and not a cent more!

Call us today to make an appointment at your local office

1300 448 303

Or submit an enquiry

Call us today to make an appointment at your local office

1300 448 303

Or submit an enquiry