When Are Tax Returns Due for Individuals in Australia?
UPDATE as of July 2018
We recently recorded a video providing an update and further detailed information regarding when tax returns are due for individuals in Australia which you can view at the bottom of this page.
We have also updated the information in our original post below for the 2018 tax year …
ORIGINAL POST (WITH DATE UPDATES) …
Following on from our recent Newsroom posts, given it is tax time in Australia another question that will be on many peoples’ minds is – when are tax returns due? Well we will answer the question breaking it down by tax return type, today we will focus on Individual tax returns, in our next post we will focus on Business tax returns …
As always with Australia’s tax system, the answer depends on a few factors, but here are the key things to keep in mind –
If you are lodging directly with the ATO
If you plan to prepare your own (and this includes getting informal help from family and / or friends), your return is due to be lodged on 31 October 2018!
If you get your return right, and it goes through the ATO process smoothly, you will likely receive your Notice of Assessment over the coming 12 to 50 days (yes their service standard is that varied). If you are due a refund, it will come around the same time as the Notice of Assessment. If you have an amount to pay the Notice of Assessment will tell you when it is due. This could vary depending on a number of things, but generally expect it to be within 2 to 4 weeks after the Notice of Assessment is issued.
(If you are considering preparing your return without seeking the assistance of an Accountant, we recommend you check out our recent Blog post “Who can prepare tax returns“.)
If you lodge via an Accountant (who is a Registered Tax Agent)
If your Accountant is lodging for you, generally, so long as you have a good lodgement history with the ATO (see below), you receive a substantial extension on your due date for both lodgement and payment compared to those who lodge themselves (yes I can confirm CapitalQ have a very good lodgement history with the ATO and can access the full range of extensions for all our Clients).
Most individual tax returns will be due on 15 May 2010 (that’s right, almost an entire year after 30 June). And if your Accountant has a good record with the ATO, they actually can probably get a further extension on that for you if you really need it!
Some individual tax returns will however be due on 31 March 2019. This applies to those who pay a lot of tax at lodgement time. So this date generally doesn’t apply to people who’s primary earnings are from wages and salaries where tax is withheld throughout the year, but it applies to people that have substantial other income (including investment and business income) where tax is not taken out during the year.
In terms of refunds and payments …
- Refunds tend to come through very quickly when tax returns are lodged by Accountants, sometimes it can literally be just days after lodgement, but usually we recommend expecting your funds within around 2 weeks.
- Due dates vary quite a bit, but generally it will rarely be due prior to February 2019, and more often than not it is not due until 5 June 2019!
So there are definitely some further good reasons to have an Accountant (who is a Registered Tax Agent) prepare and lodge your tax returns for you.
But, if you have not been so good when it comes to your taxes …
For those that don’t have a good lodgement history, unfortunately your return will be due on 31 October 2018 being the same as people who lodge themselves. There is little any Tax Agent, including us, can do about that. AND your tax is due that same day also! (It pays to lodge on time each year!)
We have recently recorded two videos providing information and our thoughts on the real consequences of having overdue tax returns, so you can check the videos out below …
- What are the Real Consequences of having Overdue Tax Returns – Part 1 (Video)
- What are the Real Consequences of having Overdue Tax Returns – Part 2 (Video)
Want to qualify for the extension?
If you want to qualify for an extension to lodge and / or pay, not to mention ensure you pay the least amount of tax legally possible and ensure your tax returns are lodge correctly without risk of ATO confrontations, you need to be signed up as a Client with an Accountant BEFORE 31 October. If you have a bad lodgement history already and this years tax return is due on 31 October, if your Accountant can get you lodged by that date this time round you will qualify for the extensions again next year!
Need to know about due dates for other Return types?
Check out our other videos –
- When are Tax Returns Due for Companies
- When are Tax Returns Due for Trusts and Partnerships
- When are Tax Returns Due for Self-Managed Super Funds
- When are Tax Returns Due if You have Old Outstanding Returns
2018 LAST MINUTE TAX RETURN OFFER …
The 2018 Tax Return Self-Lodgement Deadline is Fast Approaching, so for Readers of this Blog, we make this SPECIAL LAST MINUTE OFFER –
Appoint CapitalQ Chartered Accountants to prepare your 2018 Tax Return by 31 October and mention this Blog and receive 3 FREE BONUSES …
Bonus 1. Receive $50 OFF the price of your Tax Return Preparation (Returns normally start at $220, but now start from just $170 inc. GST).
Bonus 2. We GUARANTEE* you will receive your maximum legal refund (or we will keep lodging amendments till you do).
Bonus 3. Receive FREE a copy of our favourite book on wealth creation which will show you the fundamental principles of building wealth and achieving the financial future you desire and deserve.
So don’t put it off any longer …
Or … If you prefer to speak to someone directly, please call our Receptionist, Kim, NOW on 08 9228 7100 and she will find a time that suits you best.
And remember, if you can’t make it to our Office that is no problem, we can work via phone and email so distance need not hold you back from experiencing the CapitalQ difference.
The information provided here is designed to act as a general guide only. It does not cover all possible scenarios and does not consider your personal circumstances. Further we can not guarantee the information remains up to date or relevant in light of any changes. You should not rely on the information provided without seeking personalised, professional advice. CapitalQ disclaim all liability where unauthorised and unapproved reliance is placed on the above information. *Terms & Conditions Apply.