#Tax due date how to

If you have a business that is registered for GST, the ATO will send you a BAS every three months however if you are operating a small business, it might only be necessary for you to complete a BAS once annually. Other taxes, such as pay as you go (PAYG) withholding, fuel tax credits and GST, are reported on business activity statements (BAS). What tax due dates apply for businesses in Australia?īusinesses in Australia must lodge a tax return to report on their taxable income or loss, with the type of return they need to complete varying based on their business structure. The ATO says it will generally send you a warning letter and then potentially a default assessment in these circumstances. So if you lodge your tax return more than three weeks late or don’t lodge it at all, you will likely need to pay interest on any income tax you may owe. This is the case regardless of whether you lodge on time. when the notice of assessment is considered to be “received” (this is usually three days after it’s been issued).Generally, for individual tax returns submitted on or before lodgement due dates (aside from those submitted through tax agents due on 15 May), any tax you owe needs to be paid to the ATO on the later of 21 days after: The ATO says that interest applies to any money you owe after this date.

If you self-lodge your tax return and need to pay the ATO money, you’ll need to pay this bill by 21 November (three weeks after the lodgement due date), even if you lodge late.

#Tax due date how to

You can find out more about how to lodge a tax return in Australia, plus what’s new for individuals lodging a tax return for the 2020/21 financial year. 31 March if you have prior-year tax liabilities greater than $20,000.15 May following the 30 June year end (so 15 May, 2022, for FY20/21 tax returns).If you use a tax agent and have ‘good standing’ or no outstanding tax returns with the ATO, you might be given an extension such as: You can usually submit after this date, as registered tax agents generally have special lodgement schedules that apply. Registered tax agent: engage a registered tax agent to support you with your tax return before 31 October, 2021.Self lodgement: complete and lodge it with the ATO by 31 October, 2021.Whether you choose to self-lodge your tax return using MyTax or lodge it through a registered tax agent impacts the tax due dates that apply. Visit our Tax Hub What tax due dates apply for individuals in Australia?Ī few different tax due dates apply for individuals in Australia for lodging your personal tax return and paying a tax assessment bill. With many Australians anticipating a healthy 2021 tax return, we share the key due dates to help put yourself and your business, if you have one, in pole position. This year, because the date falls on a Sunday, the effective last date to lodge is Monday 1 November. Australians who self-lodge their tax return have until 31 October each year to lodge it with the Australian Taxation Office (ATO), to ensure they avoid a fine.