Tax Return Deadline Day is fast approaching!
[countdown date=”31 October 2017″ hour=”23″ minutes=”59″]
Tax return due dates depend upon a range of criteria. If you are an individual lodging your own tax return, the deadline for lodgment is October 31, 2017. If your latest tax return resulted in a tax liability of $20,000 or more, then your tax return due date is extended until March 31, 2018.
If your tax return is being lodged through an accountant who is a registered tax agent, for most individuals your due date will be May 15, 2018, but this concessional date only applies if any tax liability is paid in full by June 5, 2018.
If you have recently been late lodging tax returns or have an overdue return, regardless of whether you use an accountant or not, you may be obliged to lodge your return by October 31, 2017. If you want to qualify for the May 15, 2018 extension to lodge, you need to be registered as a client with an accountant before October 31, 2017. If you have a bad lodgment history and this year’s tax return is due on October 31, if your accountant lodges your return by that date, you may qualify for the extensions again next financial year.
If your deadline for lodgment is May 15, 2018 and you elect to submit your return early, your due date for payment of tax will vary. For example, if you lodged your return up to February 12, 2018, the payment date would be March 21, 2018. If you lodged the return after this date but before March 12, the payment date would be April 21, 2018.
If your tax return will result in no tax being paid or the issue of a refund, you have until June 5, 2018 to lodge the return.
Once a tax return is lodged, the ATO will issue you with a Notice of Assessment. Typically the payment due date for any additional tax will be 21 days after the lodgment due date or 21 days after the Notice of Assessment is deemed to have been received by you.
Warning!
The tax laws authorise the ATO to impose penalties for late lodgment of a tax return. In addition to penalties, the ATO may levy a general interest charge to overdue unpaid tax liabilities. The GIC rate is currently 8.78 per cent and is reviewed quarterly. You can apply for a remission of penalties and the GIC in part or in full if there are extenuating circumstances. Examples of extenuating circumstances would be ill health or natural disaster.
Here to help…..
If you want to take advantage of the lodgment extensions, make sure you contact CloudForce before 31 October! Call 07 3118 1720 or email nick.pollins@cfbs.com.au