With the end of financial year quickly creeping up on us it is important to be aware of key dates when it comes to lodging your tax returns. Delve into our deadlines guide below to avoid ending up with unwanted financial penalties.
What are they?
|30th June 2018||The end of our 2018 Financial Year. Any income earnt after this date will be |
Included in the next Financial year.
|1st July 2018||Officially the beginning of the new Tax Season! A time of excitement, or dread! Depending on which side of the return you are on, of course.|
|14th July 2018||At this point you should have received a Pay As You Go payment summary from your employer/s.|
|14th August 2018||Employers must submit PAYG withholding payment summary annual report to the ATO by this date.|
|30th September 2018||If lodging the PAYG withholding payment summary annual report through a registered tax agent like us!|
|31st October 2018||The official deadline for lodging your 2018 Tax Return. But not to worry, for |
all those procrastinators out there, there is still hope yet!
|15th May 2019||If lodging with a registered tax agent, like us here at Online Tax Return, you |
may be eligible for an extension up until this date without incurring any
penalties, if you are completely up to date with all of your previous tax
|5th June 2019||This date is for those individuals who have a concessional arrangement for |
remittance of penalties. If you acquire the 5th June concession you are
required to pay any due payments by this date.
Lodging overdue Tax Returns
Forgot to lodge before the deadline, or perhaps for several years? No need to stress! The thought of overdue tax returns can be very daunting and can often make you feel the need to avoid lodging as to avoid any penalties. This is an approach that all Accountants are very accustom to. However, if you have a refund owing to you from those years, which is the case for up to 80% of Australians, our team here at Online Tax Return can most likely assist you in avoiding any penalties.
So, what now?
The easiest and least distressing solution is to have your tax returns submitted as early as possible and before the 31st of October. However, if time gets away from you and you find yourself after Tax Season with no tax return submitted then give us a call and allow us to take the dread out of submitting a late tax return.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice.