With the official tax season deadline of 31st October approaching rapidly, it’s time to get on top of things and start organising this years return if you haven’t done so already. A tax return must be lodged to the ATO if you earned any income at all over the past financial year (1st July 2017 – 30 June 2018). Official tax season is between 1st July -31st October.
Why Should I Lodge Before The Tax Deadline?
Australian taxpayers who fail to lodge their return before the deadline could face penalties from starting $210 and could go up to $1050. These penalties left unpaid could also gain an interest charge. It is always a good idea to keep on top of your tax returns, not only to get them out the way for another year so you can relax. But also to avoid any unnecessary penalties from failure to lodge (FTL) on time. It pays to lodge on time!
Why Should You Go With A Registered Tax Agent?
Some Australians prefer to do their own tax return without the help of an agent. This is fine, although, these individuals won’t have the opportunity to extend their deadline date beyond 31st October. Preparing and lodging your tax return through an agent gives you the opportunity to lodge until May 15th 2019. You must ensure you are registered with a tax agent before the 31st October deadline. If you do not register before this date you will not have access to this extended deadline. The deadlines guide below will ensure you don’t miss out on anything. Write them down on your monthly calender if need be, nobody likes avoidable penalties!
Individual Return Dates
- 5th May – deadline for lodging through a tax agent
- 30th June – End of financial year
- 1st July – beginning of the new financial year
- 14th July –The date you should of received your annual PAYG summary (group certificate) from your employer
- 16th July – the ATO will begin to release funds from returns lodged from the 1July from previous financial year.
- 31st October Deadline for lodging your tax return yourself through an online forum like MyGov or a DIY online site.
Business return dates
- 15th Jan – due date for business tax return for companies, businesses and trusts with a turnover greater then $10 million.
- 28th Feb – Deadline for December quarterly BAS payments and other lodgings.
- 28th April – Deadline for March quarterly BAS payments and other lodgings.
- 28th July – Deadline for June quarterly BAS payments and other lodgings.
- 28th October – Deadline for September quarterly BAS payments and other lodgings.
- 21st December – Deadline for November BAS payments and other lodgings.
What Do I Do If I’ve Missed The Tax Deadline?
Don’t stress! Most registered accountants will be able to assist you with dodging late penalties. Our team of experienced accountants are fantastic at preparing and lodging overdue returns. Contact the team at Tax Return today!