Influential Tax Filing and Saving Tips for Under 21s

Shreeji Accounting

Influential Tax Filing and Saving Tips for Under 21s

Tax filing seasons are always stressful, but it is even harder for students and first-time filers under 21. What if you forget to fill out the forms and sources of income? While tax obligations are certainly significant, there is no need to stress - a tax agent in Hoppers Crossing and other places has all the tips you need to maximise your tax return every year. Whether you are a student, apprentice or young professional, there are tips that everyone under 21 should know. Read on to get a head start with your finances.

Tax Filing Tips for Students and Under 21s

Understanding the Tax Exemption Limit

If your income is less but your employer withholds tax from your salary, you must file a tax return. In this case, you will receive a full refund of the tax paid in that financial year.

When starting a new job, a tax file number declaration form must be completed. Please note that if you have more than one job and your total income exceeds the average amount of dollars, only one employer (usually the one with the higher salary) can claim the tax-free allowance. If you try to apply for the tax-free allowance for both jobs, you will have tax liabilities when filing your tax return.

If you are unsure about applying for the tax-free allowance or filing a tax return for the first time, contact a professional tax agent in Werribee and other locations for advice. They can provide tax returns for people under 21 for a reduced fee. Free tax advice is also always available for expert clients.

Filing a Tax Return For Students or Persons Under 21

Filing a tax return for the first time can be confusing. This is why we recommend consulting a tax agent near Hoppers Crossing and Werribee. The advantage of hiring a tax accountant is that they will go beyond the basics and help you claim all the deductions you are entitled to and get the highest possible refund.

If you have more than one job, your tax return can be quite confusing. Even if both you and your employer are doing the right thing, problems can still arise. This is because the first job is usually tax-exempt and the second job is taxed according to the progressive tax rates set by the Australian Taxation Office. Not declaring all income correctly can lead to stressful problems, so it is advisable to consult a professional and declare everything correctly from the start.

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