Under 18 Adjustment

Minors Under 18 Years of Age

The ATO taxes the income of minors – those under 18 – at higher rates than it does the income of adults. However, certain minors and incomes are excepted from the higher rates. If you are under 18 on 30 June, the last day of the financial year, you must complete the Under 18 Adjustment section of your return to make sure you are not unnecessarily taxed at a higher rate. Minors who are Australian residents do not need to file a tax return if their income is less than $416. Continue reading “Under 18 Adjustment”