Frequently asked questions
FAQs about Tax Return 2021
What is the due date for Tax return 2021?
Your tax return for 2021 is due to be lodged on 31 October 2021. However, if you use a tax accountant’s services to lodge your tax return, you may get an extension until 15 May 2022.
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What are the tax rates for 2020-2021?
Tax brackets for 2020-2021 as follows:
| Taxable Income | Tax on this income |
| 0 – $18,200 | Nil |
| $18,201 – $45,000 | 19c for each $1 over $18,200 |
| $45,001 – $120,000 | $5,092 plus 32.5c for each $1 over $45,000 |
| $120,001 – $180,000 | $29,467 plus 37c for each $1 over $120,000 |
| $180,001 and over | $51,667 plus 45c for each $1 over $180,000 |
How to maximise my 2021 Tax Refund?
To maximise your tax refund: make sure you claim deductions for every eligible work-related tax expense.
Our tax experts can help you to ensure that you claim deductions for all the eligible deductions and maximise your tax refund legitimately.
When Do I Get My Tax Refund?
Most taxpayers receive their tax refunds within 4 weeks from the lodgement. If you provide your financial institution details such as your BSB & bank account number, your tax refund would be credit directly into your nominated account..
List of Documents required for tax return 2021
Income Documents
- PAYG Summaries/Income Statements/Group Certificates
- Government pension & allowances statements
- Dividend statements
- Bank interest statements
- Business income & expense details
- Investment income & expense details
- Any other income documents.
- Foreign income statements
- Trust/partnership distribution statements
Work Related Deductions
- Work-related travel and accommodation expenses.
- Car logbook and other related expenses
- Self-education expenses
- Investment expenses
- Any other work-related expenses
- Income protection premium statements
- Donations to eligible deductible gift recipients (DGR)
- Tax agent fees
Conclusion
Completing a tax return for the year 2020-2021 financial year will be far the same as prior years, except for the Financial Plan budget 2020 changes to the tax sets, which have been carried forward due to the fiscal fallout of COVID-19. Need help? Feel free to ask our tax agent for help.