Mostly when it is that time of the year when you have to sort out your income tax returns many people dodge certain questions. Is it even important? What are the possible benefits of tax returns? The process of filing for tax returns is mandatory under certain circumstances as it is a proof of your hard earned money. Paying the tax returns is quite a simple task as you can self-access your income and do the needful. But if your work schedule is tight or you don’t want to do it on your own you can even hire a tax agent to do the same for you.
Just like any other city in Australia tax return in Darwin is compulsory. And you must file for tax return if you fall into these categories:
• You are going to leave Australia permanently or for more than a year.
• You are a foreign residential and your income is more than $1 during the financial year.
• You are an Australian resident plus your taxable income is more than the tax-free threshold for the financial year.
• If tax has been deducted from any payments that were made to you during the financial year.
If you are going to apply for loans bank authorities may ask you for your tax return copy. You may be asked for your salary slip as well. Tax return copy is of great benefit if your loan application is rejected for some reason.
• Tax Refunds
In case you want to claim tax refunds it very important to file for tax returns. Otherwise whatever excess amount of tax you have paid will not be refunded.
• Visa Processing
Are you planning to go abroad for business or leisure trip? Then you must have Income tax return copy of the last past years for a hassle-free visa processing. Especially if you are traveling to countries like Canada, America, United Kingdom it is very important.
• Recording of high-value transactions
High value transactions like buying an expensive property, purchasing a car, investing in some sort of mutual funds or any other kind of heavy transactions are reported to the tax return department. So, filling for income tax returns you can report these transactions and prove the same as per your income.
• Self-employed
If you run your own business, consultancy or firms then having a tax return copy is a must, provided you fall into the category of paying income tax. For any kind of business or financial transactions income tax return receipts is the only proof of income and tax payment for those who are self-employed.
Just like any other city in Australia tax return in Darwin is compulsory. And you must file for tax return if you fall into these categories:
• You are going to leave Australia permanently or for more than a year.
• You are a foreign residential and your income is more than $1 during the financial year.
• You are an Australian resident plus your taxable income is more than the tax-free threshold for the financial year.
• If tax has been deducted from any payments that were made to you during the financial year.
Now let us have a look at the key benefits of filling for a tax return.
• Easy loan processing
If you are going to apply for loans bank authorities may ask you for your tax return copy. You may be asked for your salary slip as well. Tax return copy is of great benefit if your loan application is rejected for some reason.
• Tax Refunds
In case you want to claim tax refunds it very important to file for tax returns. Otherwise whatever excess amount of tax you have paid will not be refunded.
• Visa Processing
Are you planning to go abroad for business or leisure trip? Then you must have Income tax return copy of the last past years for a hassle-free visa processing. Especially if you are traveling to countries like Canada, America, United Kingdom it is very important.
• Recording of high-value transactions
High value transactions like buying an expensive property, purchasing a car, investing in some sort of mutual funds or any other kind of heavy transactions are reported to the tax return department. So, filling for income tax returns you can report these transactions and prove the same as per your income.
• Self-employed
If you run your own business, consultancy or firms then having a tax return copy is a must, provided you fall into the category of paying income tax. For any kind of business or financial transactions income tax return receipts is the only proof of income and tax payment for those who are self-employed.
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