Do I need to lodge

If you have had tax withheld from your income you will need to lodge a tax return to receive a credit for the tax withheld. Tax is withheld in a number of situations.

Tax withheld from salary and wages

If you have a job your employer, also known as your payer, may take tax out of your pay each pay period - which could be a week, or fortnight, or month - under the pay-as-you-go (PAYG withholding) system. Other payers, such as Centrelink, may also take tax out of the payments they make to you.

Tax withheld from interest

Under the tax law, an investment body (such as a bank, building society, unit trust or public company) must withhold tax file number (TFN) amounts (currently 46.5% of the payment) from the interest or dividends payable on an investment if you have not:

• quoted your Australian business number (where the investment is held in the course or furtherance of an enterprise of the organisation) or your TFN to the investment body, or
• claimed an exemption from quoting a TFN to the investment body.

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