In the 2014 Federal Budget, one of the key announcements was the introduction of tax receipts as part of your income tax return process. This receipt will be sent out with the original Notice of Assessment (NOA).
Why are we getting a tax receipt?
In an attempt to make the taxation system in Australia more transparent, tax receipts will be distributed for the first time. Your tax receipt will provide a breakdown of how your tax has contributed towards Government expenditure. For example, how much of your money goes towards healthcare, transportation etc. It will also include information on the level of Australian Government gross debt for the current and previous years to give taxpayers an indication of how your tax is working towards the nation’s debt.
Who will receive a tax receipt?
For the 2013-14 financial year, you will receive a tax receipt as part of your annual income tax return if your assessed income tax for the income year 2013-14 is $100 or more and you have lodged your income tax return within 18 months from the end of the 2013-14 income year.
The tax receipt will only be issued for income tax contributions for the 2013-14 income year and later years down the track.
When will you receive a tax receipt?
As mentioned, you will receive your own tax receipt with your NOA. This is issued to taxpayers after you have lodged your annual income tax return. Revised tax receipts will not be issued for revised tax assessments.
What will be on my tax receipt?
Your tax receipt will show a table showing how your taxes have been allocated to key categories of Government expenditure. There are numerous expenditure categories including: welfare, aged, families, disability, unemployed, health, defence, education, general public services, interest on Government debt, transport and communication, housing and community, fuel and energy, industry assistance, immigration, recreation and culture, and other purposes.
For more information on tax receipts, or to kick start your tax return in order to get your tax receipt, please don’t hesitate to get in touch with the team here at Fortis Accounting Partners. You can reach us on 02 9267 0108, or via info@exemplary-financial.flywheelsites.com.
