It is important to understand your obligations as an Australian Taxpayer to know your tax return due date. It’s extremely important. We have broken it down for you in simple terms to better understand your tax return due date.
- If you are lodging your taxes using an online platform yourself, you are required to lodge by the 31st This means you are given 4 months from the end of that financial year to lodge.
- If you are lodging your taxes using a Registered Tax Agent, like Taxwise, and your prior years have all been lodged on time, your due date will be the 15th May the following year. This means you are given 11 months from the end of that financial year to lodge.
- If your last tax return lodged resulted in a tax bill of greater than $20,000 payable, then your next tax return due date will be 31st This means you are given 9 months from the end of that financial year to lodge.
So what happens if you miss a due date?
Several things can happen. You may be subject to penalties, fines and interest for failing to lodge on time. You may also start to receive phone calls from the ATO chasing late lodgements too.
The ATO has also advised Tax Agents to remove any clients from their database who are not actively using their services to lodge their returns on time. The ATO will then take over and put their dedicated teams onto the matter.
So if you haven’t yet lodged your tax return or prior years too, please call us on (08) 9248 8124 to see how we can help! You’ll be glad you did.