The simple tax affairs, SMSF
As a taxpayer, you are accountable for finding out to what extend you can declare and claim on your tax return. Also, you should reveal by which method you have reached to this data, in some cases you may need to furnish written proof. You should maintain documentation that relies on your situations for preparing a proper tax return and uphold your claim. In case you are uncertain, it is advisable to maintain the records anyway.
You are categorized as having simple tax affairs in a fiscal year if you are a single taxpayer and
Your income only comprises of wages or salary
A government organization or a financial establishment pays the interest, and/or
The Australian company dividends that are listed on the ASX.
You can ask for reductions only
For handling your tax issues
Bank rates and costs such as taxes and duties, and/or deductible cash gifts and capital donations.
You are not
A non-resident of Australia for the income year
Permitted to an overseas tax credit
Due to payments to or from your acquaintances, you need to regulate your taxable earning.
Your tax return should report your capital gain or loss or
Getting overseas service earnings or earnings from employment on an approved foreign assignment that is not liable to tax in Australia.
