Every year, thousands of tax returns must be filed by resident and non-resident Australians. Australian tax law dictates that residents earning over AUD 18,200 per year – the tax-free threshold – must file a return, while non-residents earning AUD 1 or more must file an individual tax return. Australia’s tax
Charter Partners partnered with Carbon!
Charter Partners is excited to announce we have partnered with an award-winning national firm, Carbon.
We started in 1932 as a humble accounting practice in Gympie.
More than eight decades later, we now offer a comprehensive range of accounting, taxation, business mentoring and wealth management services across three locations in Queensland – Brisbane, Bundaberg and Gympie.
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Charter Partners started in 1932 as a humble accounting practice in Gympie.
More than 8 decades later, we now offer a comprehensive range of accounting, taxation, business mentoring and wealth management services in Brisbane and 2 more locations in Queensland.
We have experience assisting clients from a diverse range of industries including medical, legal, farming, property and construction.
You can count on us to provide objective, specialist advice that ensures your business and finances are on the right track.
Frequently Asked Questions
Who can complete my tax return?
A relative or friend may complete your tax return on your behalf, but they cannot charge you a fee. Only registered tax agents may charge a fee for completing your return. Alternatively, you may sign up for Tax Help for free. This service is provided by community volunteers trained to assist low-income individuals in preparing their tax returns. Remember that only you can sign your tax return and you are fully responsible for the accuracy of the information.
What happens if I fail to lodge my returns on time?
The ATO may apply a penalty for failure to lodge by the due date. The policy is to not apply a penalty when there is no tax payable and when an individual lodges their tax return voluntarily. The ATO website has published a guide to payment, interests and penalties that you may consult when in need of more information.
Who must pay income tax in Australia?
In general, individuals who earn an income from salaries, commissions and other sources pay income tax. On the other hand, companies and trusts pay corporate tax on their annual income.
Company tax is calculated at a flat rate of 30% and slightly less for small businesses.
Question: How long does it take to get a tax refund?
Can I withdraw money from my superannuation before the attaining age?
Certain situations may warrant you permission to withdraw funds from your superannuation before you reach the attaining age. If, for example, your account contains unrestricted non-preserved money, you may withdraw it when you resign from your employer. The ATO also says that you may withdraw between $1000 to $10,000 on the grounds of severe financial hardship. You can only make one early withdrawal within any 12-month period.