Starting from 1 July 2014, the majority of taxpayers will receive a tax receipt as part of the annual income tax return process. This is a new government initiative to increase transparency on how and where the government spends taxpayer money.
The tax receipt provides a breakdown of how the client’s tax has contributed towards government expenditure, and also includes information on the level of Australian government debt.
Taxpayers will receive a tax receipt, if:
- they have assessed income tax of $100 or more for the year 2013–14, and
- they lodged their tax return within 18 months from the end of the 2013–14 financial year.
The tax receipt will be included with the client’s original notice of assessment and will only be provided for income year 2013–14 and later years.