When it comes to the topic of tax, Einstein is my hero, yes Albert Einstein. He once said and I will quote it here, ‘The hardest thing to understand in the world is the income tax’. The words uttered here are absolute genius stuff, I myself find it hard to manage when I am filing my tax return or applying for refund. The day you starts earning, you find out about the impact of taxation phenomenon in one’s life. You might be thinking that I am someone against the tax maybe.
To the contrary, I believe that without taxation a society, country or an economy can’t exist. Me being a patriot Australian, I take pride in making sure I pay what I have to.
This little article will give a bit of information for those who are either going to start filing tax soon or for those who still have no idea how to file returns or apply for tax refunds on their own. Though many of us use the service of professional to file their tax returns, I believe it is very important for one to do it yourself. It is the most integral part of being a national of a country and contributing to its society. Check here !
What is Filing of Tax Returns?
Every country has its own tax authority which has its own set of regulations and tax bars on one’s earnings. Usually all this information is now available online and anybody can access it. In fact, most of the countries now allow their citizens to file their tax returns online by filing forms. Making this process user friendly has resulted in more and more people coming under the tax net or tax return.
Coming back to the definition, it is basically providing tax authority the information of one’s earning over a fiscal year and then paying tax to the government according to that earning. In most of the cases the tax has already been deducted by the employer paying one’s salary. In that case all what is needed is the information of the company that you work for and the pay slip with proof of bank account. www.taxreturn247.com.au is one famous place to get all your needs sorted.
Why to Apply for Tax Refund
The reason one applies for tax refunds is when filing for tax returns, this is established that one has paid more amount to the government than one owes. This can result because of many factors like loss of job, revision of tax policy or in some cases tax rebates. Whatever the case maybe, this process will also require one to file their tax returns and then on the basis of that file for refund. Once you file the tax returns, you get an assessment report from the tax authority which states weather you have paid more or you need to apply for the refund.
Many of the overseas workers also file for tax refund when they leave Australia for good after completion of their contracts. Overseas students working part time during their studies are mostly the ones filing for the tax refund in Australia. The procedure for them is also simple and is available online. All one need is to fill in the form including all the relative information of their tax number, play slip and passport for visa verification via www.taxreturn247.com.au.