A tax return is a formal submission to the government, typically filed annually, that details a taxpayer's income, expenses, and financial information.
In Australia, individuals, businesses, and other entities submit tax returns to the ATO to calculate tax liabilities, claim tax offsets, and report income sources.
For example, an individual may file a tax return showing an annual income of $70,000 with various deductions for work-related expenses. Based on this information, the ATO determines whether the taxpayer owes additional taxes or is eligible for a refund.
