Income Tax Tips for First Time Lodgements

Special Rules for Those Under 18

• Income tax rates for people under 18 differ from standard adult rates
• You need to work out if you're an "excepted person" — this affects which tax rates apply to you
• You need to work out if you receive "excepted income" — employment income is generally excepted income
• Higher tax rates may apply to unearned income (e.g., dividends, interest) for those under 18

Tax-Free Threshold for Newcomers to Australia

If you are a newcomer to Australia, special rules apply regarding the tax-free threshold. You may need to pro-rata your tax-free threshold depending on the number of months you were in Australia during the financial year.

Tax-Free Threshold When Leaving Australia

If you are leaving Australia with the intention to reside overseas, you may also need to pro-rata your tax-free threshold.

Contact Strategic Tax Accountants for expert assistance with your first tax return lodgement.