Prism Accounting
If you are lodging your Income Tax Return yourself, you must lodge it by the due date 31 October of the following year to avoid late lodgment penalties being imposed by the ATO.
The reality for a lot of business owners and busy professionals is that there is simply not enough time to chase all the source documents and prepare all the records.
Do you need more time to lodge your Tax Return?
Did you know, that if you are lodging your Tax Return through a Registered Tax Agent, you may be eligible for an extension to lodge your Tax Return? Your eligibility depends on whether your prior year returns are lodged by the due date, whether you have any tax returns outstanding and whether your Tax Agent met the Lodgment Program requirements to be eligible for extended deadlines.
The extended due dates for Income Tax Returns lodged though a Registered Tax Agent are generally as follows:
31 October
– All individuals and trusts with outstanding Tax Returns at 30 June.
– Tax Payers prosecuted for non-lodgment of prior year tax returns and advised of a lodgment due date of 31 October.
28 February
– Large/medium trusts (annual total income more than $10 million in latest year lodged) where the trust was non-taxable in latest year lodged.
– New registrant large/medium trusts.
31 March
– Individuals and trusts (other than medium /large trusts) with the latest period tax assessment resulting in tax payable of $20,000 or more.
15 May
– All other individuals and and trusts.
Note, you may be be eligible for 5 June concession provided you also make your Tax Liability payment, if applicable, by the same date.
In order to be eligible for Extended Due Dates, you must join a Registered Agent’s Lodgment program before 31 October We are here to help!
Disclaimer: All the information provided on this website is of general nature and does not constitute tax, legal or financial advice. It does not take into account your personal circumstances and is not intended to replace consultation with a qualified professional.
