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Decide whether the following individuals should report their employers and why. Scenario Should report using the tip-off form For each situation that should be reported, explain why. 1. Jay works at a local café. His employer pays him cash-in-hand for every hour he works. His earnings are not reported to the ATO.   yes no 2. Each week Niguel works at…

If you are employed you have both rights and obligations in relation to tax and you should know what these are. The table below outlines your rights and obligations beginning from the time you start a job to when you have to lodge a tax return. Stage Rights and entitlements Obligations and responsibilities Starting a job Everyone is entitled to a tax file number (TFN) Apply…

  Linked activity: The taxation system and the principle of honesty (AC v9.0) Using a SWOT analysis to make a business decision (AC v8.4)

Tax returns and your obligationsA tax return is the form you use to tell the Australian Taxation Office (ATO) how much income you have earned and any allowable deductions you want to claim.You must lodge a tax return if:- you earn more than $18,200, no matter how old you are- you have had tax deducted from your pay.Even if you don’t need to lodge a tax return in a given year, you should still submit a Non-Lodgment Advice so the ATO doesn’t…

Part 1: Identifying allowable deductions Read the list of items below. Indicate whether you think each item of expenditure is deductible or not. Refer to An introduction to tax returns - Explainer.   Item of expenditure Is it deductible? Yes or No The bus fares to and from work. Yes No A $100 donation to the Red Cross. Yes No The amount paid to your tax agent for…

  Linked activities: Preparing and lodging a tax return Using a SWOT analysis to make a business decision

  Linked activities: What happens after I lodge my tax return? (AC v9.0) Using a SWOT analysis to make a business decision (AC v8.4)

Write answers to the following frequently asked questions: How long does it take to process a tax return? What is a notice of assessment and where do I find it? How will I know if I will get a refund or owe tax? If I owe tax, when will I have to pay it? How can I pay tax I owe? What happens if I don’t pay on time? What can I do if I can’t afford to pay the tax I owe on time? How long do I have to keep my tax…