Below are a list of some of the common questions we are asked about due dates at Palfreyman Chartered Accountants. If you need help or want to know more, why not contact us?
Not everyone's tax return is due at the same time. To help you identify when your tax is due, we have listed some of the common due dates:
- 31st October: If you complete your tax yourself, your return must be lodged by this date. You are also required to lodge by this date if you lodged late last year.
- 31st March: If you are an individual or trust whose prior year return resulted in a tax liability of $20,000 or more, your return is due to be lodged by this date.
- 15th May: if you lodged through a tax agent last year, most tax returns are due to be lodged by 15th May.
- 5th June: this is the last date to lodge your tax return. However, if you receive a payable, you must pay this amount on the same day your tax return is lodged or you will be charged Failure to Lodge on Time (FTL) Penalties.
This is one of the most common questions we get asked as we head into the middle of the tax year. Despite frequent media publications, most people's tax returns are not due until 15th May each year as long as you use a registered tax agent. Other people that have to lodge their tax return by 31st October are those who lodged late the year prior. If you are not sure if you have a registered tax agent, or if you lodged your tax return on time last year, please get in contact with us to check.
At Palfreyman Chartered Accountants, we recommend you send us your tax documents for us to commence around the 14th of August. You are welcome to send us your documents any time up until 15th of March, however delays may occur in busy times.
Due to ATO reporting systems, we do not recommend getting your tax done prior to the 14th August each year. If we complete your tax return prior to this date, we risk missing important information that the ATO may have recorded on your Prefill. If this occurs, your risk of being flagged for an audit is higher due to the advancements in data matching over recent years.
It is a good idea to have your tax documents ready to go for early August. You are more than welcome to forward your documents to us before this date, but no tax returns will be started until 21st July.
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