TAX RETURN DEADLINES IN AUSTRALIA

Lodging tax returns are very stressful work and one can witness heavy fines and penalties if you miss the deadlines. No one wants that to happen, so we have put some important points and dates for the tax return deadlines in Australia.


Tax Return deadline for Individuals?
The tax season in Australia starts from 1 July to 30 October (Individual taxpayers) while businesses have to pay quarterly and monthly taxes throughout the whole year.
If you pay tax returns by yourself then you can lodge tax by 31 October 2020. If your return is right, then you will receive a notice of Assessment in 15 to 50 days.

If you have an Accountant to lodge the Tax Returns (Registered Tax Agent).
If you pay returns through the tax agent’s, you don’t need to worry because he will definitely receive the letter for due dates for his clients.
If your accountant is lodging tax, as long that he has a good lodgement history with ATO. You may receive an extension in the lodgement period and even payment.
For most individuals who file the return by themselves, the tax return is due on 15 May 2021 but if you have an accountant who has really good records. Then you may get an extended period if you really need it.
So, it’s definitely a good reason to keep an accountant for tax return lodging.

WHAT IF YOU MISS DEADLINES OF TAX RETURNS?
Maybe you forgot your tax returns, or you were not well? You lodged the tax returns but it didn’t reach ATO? There can be many reasons why you may miss the deadline for your tax returns.
The penalties are calculated for 28 days and every 28 days is calculated as one penalty unit. Each penalty unit is $222 and a maximum of 5 penalty units can be calculated i.e. $1,110.
It will be great if you have strong documents supporting the reason for your late lodging of the tax return. These documents may help you to minimize your penalties, and give you a period to lodge the tax returns asap to avoid more penalties.
Unfortunately, if you have outstanding tax returns from your previous financial year, then you can’t get the benefit of the extended tax agent deadline period.

Tax Return Deadlines for businesses?
Your company qualifies for the large or medium taxpayer if your company’s annual turnover is more than $10 million. The due date for large and medium companies for lodging tax returns is 15th January 2021, strangely the due date for tax payments is 1st Dec 2020.
The next due date for lodgement is 28th Feb 2021 for the companies having an annual turnover of more than $2 million. The lodgement and payment of tax return date are the same as on 28th Feb 2021.
All other companies have a due date for lodgement and payment of tax return of 15th May 2021.
Finally, if your company has a due date on 15th May but you have no tax payment for this lodgement year neither did you had in the last lodgement year. You can lodge the tax return as late as 5th June and you will not be penalized for late lodgement.

Hopefully, the important dates from our side have given you a better idea of tax return deadlines for Australia.
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