Students Tax Returns

Understanding Student Tax Return in Australia

If you are a student in Australia, you may need to lodge a tax return. A student tax return is a document that shows your income and expenses for the financial year. It is important to complete a tax return as it ensures you are paying the correct amount of tax and may also entitle you to a refund.

Do I need to Lodge a Student Tax Return?

All students who earn an income in Australia are required to lodge a tax return. This includes part-time and casual workers, as well as full-time students who work during the semester breaks. You may also need to lodge a tax return if you receive Centrelink payments, such as Youth Allowance, Austudy or Abstudy.

What Income Needs to Be Declared on a Student Tax Return?

All income earned in Australia must be declared on your tax return. This includes wages from a part-time or casual job, as well as income earned from self-employment, such as freelancing or running a small business. You may also need to declare income from interest, dividends, or rental properties.

What Expenses Can Be Claimed on a Student Tax Return?

As a student, you may be able to claim certain expenses on your tax return. These may include expenses related to your study, such as textbooks, stationery, and course fees. You may also be able to claim expenses related to your work, such as travel expenses, uniform costs and tools or equipment required for your job.

When is the Deadline for Lodging a Student Tax Return?

The deadline for lodging your tax return in Australia is 31 October each year. If you lodge your tax return late, you may incur penalties and interest charges. If you are unable to lodge your tax return by the deadline, you should contact the Australian Taxation Office (ATO) to discuss your options.

How Can Tax Savers Help with Your Student Tax Return?

Lodging a tax return can be a complicated process, especially for students who may be new to the Australian tax system. At Tax Savers, we have a team of experienced accountants who can help you prepare and lodge your student tax return. We can also advise you on any deductions you may be entitled to, ensuring you receive the maximum refund possible. Contact us today to find out how we can help you with your student tax return.