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An individual is taxed on his or her taxable income. Taxable income is derived from the formula of gross income less exempted income and less allowable deductions. Requirement to lodge income tax return Every individual resident in Australia whose income from all sources exceeds the returnable income limit must lodge a taxation return, setting forth a full and complete statement of total income. The return and all supporting documentation must be signed by the taxpayer. Calculations (tax equation) In brief, the "Taxable Income" is derived from Assessable Income less Allowable Deduction. The gross tax payable is determined from the tax rate, adding Medicare Levy (and surcharge if applicable) and HECS Assessment debt (if applicable) less refundable tax offsets (such as Private Health Insurance and Imputation Credits) and tax already paid, if any (such as PAYG Withheld from salary or wages), ending with either Tax Payable or Tax Refundable. Tax planning Tax planning is not simply a one-off plan set in concrete. The taxation environment is continuously undergoing dramatic changes that an arrangement that was proper just one year ago may have had its tax minimisation benefit cut down, eliminate or even be in contravention due to subsequent legislative amendments. Our aim in taxation planning is to carry out legitimate planning of one's affairs so that one pays no more tax than is necessary. In achieving this result for our clients, we assess the cost and benefit, and practicality, tailoring the plan to our clients needs. The planning may take into account (and not limited to these) depending on circumstances:
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Individual Tax Services