What is the Tax Receipt?

In the 2014–15 Budget, the government announced that from 1 July 2014 the Australian Taxation Office (ATO) will issue a tax receipt to eligible individual taxpayers as part of their annual income tax return process. This receipt will provide details of how an individual taxpayer’s income tax contributes towards government expenditure, as well as information on the level of Australian Government debt.

An estimated 10 million individual taxpayers will be issued with a tax receipt for the 2013–14 income tax year. In most circumstances, the ATO will mail the tax receipt to individual taxpayers with their notice of assessment. However, the tax receipt will not form part of their income tax assessment.

Sample of Tax Receipt for Individuals

Following is a sample of the “Tax Receipt”. Source: The Hon. Joe Hockey – web page at www.joehockey.com: