Separate Net Income (SNI)
Separate net income (SNI) is a phrase used in fiscal years 2008-2009 and prior. SNI is income and other specified amounts that your dependant earned or received in the tax year while you maintained them. It includes amounts which are not included in the recipient’s assessable income. Continue reading “What is Separate Net Income?”
Adjusted Taxable Income
ATI stands for adjusted taxable income. You will need to determine your ATI and possibly the ATI of your dependents, in order to determine if you qualify for a number of offsets and deductions.
Continue reading “What is adjusted taxable income (ATI)?”
Retrieve Payment Summaries
If you do not have all of your documents, contact your payer. Ask for a signed copy of your payment summary or a letter or signed statement showing the necessary information. If the information on your payment summary is incorrect, ask for an amended summary with the correct information.
If, however, you are not able to get a payment summary from your payer, you must complete a Statutory declaration (NAT 4135) with the ATO for each missing payment summary.
Keep documentation for five years.
After you lodge your return, you may be required to produce written evidence that everything you declared and claimed on your tax return is truthful and correct. Generally speaking, you should keep written evidence for five years from the date you lodge your tax return. If at the end of these five years you are in a dispute with the ATO, you must keep the relevant records until the dispute is resolved. Continue reading “How long do I need to keep my records? Why do I need them?”
Financial Hardships and Refunds
If you are experiencing financial hardship and need your refund immediately, the ATO may be able to prioritize your refund. Taxpayers who qualify for hardship may be able to get their refund within five working days. You can fill out the Financial Hardship Income Tax Refund Request on the ATO website at the same time that you lodge your tax return through our service.