The Australian Taxation Office (ATO) has recently cracked down on rental property owners who incorrectly report income and expenses.
A Tax File Number (TFN) is a unique, personal reference number for the ATO. You keep your TFN for your whole life.
As EOFY is fast approaching, there is a big focus on lodging tax returns. Due to this, the ATO's priority areas for 2022 have been announced.
After high school finishes, it is normal to not fully understand the concept of tax, especially the process of filing a tax return.
There are a lot of common misconceptions about low income and tax returns. There are many reasons why someone under the tax-free threshold may need to lodge a tax return.