Why do I need to do a tax return?

I have already paid my tax in my wages!!

Most of us must do a tax return each year, why????
Well, what most people do not know or are not aware of is that you do not actually pay tax each week or fortnight out of your wages.
That money is just an estimate and is sent to the Tax Office who then holds it.
When you lodge your tax return, not only do the Tax Office pay you a refund of any excess you or your employer have given them (or a bill if not enough), but they also allocate the money you paid to the right places, like income tax, HECS or HELP (if you were studying), child support, old debts, and a few other types of taxes etc.
While it is a pain each year, it is important as well as a legal requirement.
While a refund is always welcome, remember you are only getting your own money back!! So do not get too excited.
Australia’s taxation system is complex and while some of us have straightforward tax returns, some are far more complex and you are expected to get it right, so please take it seriously and make sure that you have all your receipts and other documents in a safe place in case of an audit.