Small Business Tax Dictionary
Tax Return
A tax return is an official document filed with tax authorities that provides detailed information about an individual's or business's income, deductions, credits, and taxes owed for a specific period.
What does a tax return include?
A tax return typically covers:
- Income — all sources of income earned during the tax year
- Deductions — allowable expenses that reduce taxable income
- Credits — direct reductions to the tax owed
- Taxes already paid — amounts withheld through PAYE/PAYG or paid as provisional/instalment tax
- Net tax payable or refund — the final balance after reconciling tax owed against tax paid
Tax returns by jurisdiction
New Zealand (IRD) — Most individuals with employment income don't need to file a return — IRD handles the assessment automatically. However, self-employed individuals, those with rental income, or those with more complex affairs must file an IR3 return by 7 July (or later if using a tax agent).
Australia (ATO) — Individuals generally must lodge a tax return by 31 October each year. If using a tax agent, extensions may apply. Businesses lodge various returns depending on their structure (individual, company, trust, or partnership).
United Kingdom (HMRC) — Self-employed individuals and those with more complex tax affairs must file a Self Assessment tax return. The deadline for paper returns is 31 October; online returns must be filed by 31 January.
Why filing matters
Proper preparation and filing of a tax return constitute essential components of tax administration and personal financial management. The return reflects your complete financial position for the year and is the mechanism through which any overpaid tax is refunded, or underpaid tax is collected.