In Australia, various tax returns are filed annually, depending on the taxpayer's type, income sources, and tax obligations. Here's an overview of the primary tax returns filed:
Individual Tax Returns
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Individual Income Tax Return (Form I): Filed by individuals, including employees, freelancers, sole traders, and investors, to report income and claim deductions.Non-resident Tax Return: Filed by individuals earning Australian-sourced income but living abroad.
Business Tax Returns
Company Tax Return: Filed by corporations to report business income and calculate corporate tax liabilities.
Partnership Tax Return: Filed by partnerships to report shared income, expenses, and distributions to partners.
Trust Tax Return: Filed by trusts to report income, expenses, and distributions to beneficiaries.
Goods and Services Tax (GST) Returns
Business Activity Statement (BAS): Filed monthly, quarterly, or annually by GST-registered businesses to report GST collected, input tax credits, and other obligations such as PAYG (Pay-As-You-Go) withholding or installment amounts.