Tax Assessment and Tax Return
Under the Tax Administration Act 1994 (TAA 1994), Part 3, which covers information, record-keeping, and returns, Subpart G - Returns establishes the general principle in Section 33 that every person must file an income return for a tax year.
Under the Tax Administration Act 1994 (TAA 1994), Part 3, which covers information, record-keeping, and returns, Subpart G - Returns establishes the general principle in Section 33 that every person must file an income return for a tax year.
Taxpayer Responsibilities
To file this return, a taxpayer must complete an assessment, which includes:
- Determining taxable income,
- Calculating income tax liability,
- Reporting any net loss,
- Identifying the terminal tax or refund due,
The deadlines for submitting the annual return after completing the assessment are outlined in Section 37.
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