We hope that everyone is having a successful and enjoyable year so far. It’s a busy time for accounting firms as the new tax season is here. It’s good to talk to your accountant now to see how you can reduce your taxable income. You can benefit from tax credits, rebates and even losses.
While other countries have their tax season all year round, Australia only has it from 1 July to 31 October for individuals while it requires monthly and quarterly reports from businesses. Here are some dates to remember this year:
5 May 18 is the deadline of submission of returns for individuals who used a registered tax agent or accounting firms to lodge their annual tax return for the 2017 fiscal year. The agents will likely take care of the submission for them. Remember that it is better to lodge a complete tax return even if it’s delayed than submitting an incomplete one on time.
Meanwhile, 30 June is the official end of the 2017 fiscal year and on 1 July, the 2018 fiscal year will officially begin. People without tax agents have until 31st of October to lodge their tax returns for the tax year between 1 July 2017 and 30 June 2018. If lodging via a tax agent, the due date for most people is mid May 209. Starting 1 July, the ATO will start processing tax returns from the previous fiscal year.
On 14 July, employees should also receive their annual PAYG payment summary from their employers. Employees should see to it that the summary is correct because it will be issued to the tax office after a month. On 16 July, the rebates from the previous fiscal year will be issued. The timing can vary slightly every year but refunds are often issued 2-3 days around this date. The average tax refund in Australia is $2,600.
For businesses, trusts and companies whose taxable annual income is over $10 million in the previous fiscal year, the due date for income tax returns was on 15 January while their first deadline for monthly PAYG monthly statements was on 27 January. Tax is automatically deducted so the employer needs to lodge monthly activity statements relating to the withholding of income at source for tax and superannuation reasons.
28 February is the deadline for businesses to lodge and pay taxes such as GST relating to the December quarter of the fiscal year. By 28 April, businesses must have already lodged and paid taxes relating to the March quarter of the fiscal year, 28 July for the June quarter and 28 October for the September quarter.
14 August is the deadline for businesses to submit their annual summary of PAYG withholding with complete details of employee payments and total amounts withheld from wages. Lastly, 21 December is the deadline for employers to submit their November PAYG activity statement for payees. It is the final tax date for 2018.
We hope that this list and timeline will make the deadlines less confusing. Don’t miss these dates and choose the best among the accounting firms out there to help you.
If you would like to know more about how you can plan your taxes, you can click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
Whether you are a beginner, seasoned investor or business owner, our property and business tax accountants can give you guidance to maximise the financial areas of your life. We can also give you an integrated and tailored solution of your superannuation, taxation, property investment, asset protection, estate planning and more.
Chan & Naylor Group has nationwide offices in Brisbane and Capalaba in Queensland, Melbourne and Moonee Ponds in Victoria, East Perth in Western Australia, and South West Sydney, Parramatta, Pymble, North Sydney, and Sydney in New South Wales.
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