Mastering Tax Return Deadlines for 2023 in Australia

24 Aug, 2023 By: Lotus Smart

Tax season is upon us, and it’s crucial to stay informed about the upcoming tax deadlines in Australia. Whether you prefer handling your tax return independently or seeking assistance, understanding the options available can make the process smoother. In this blog post, we will guide you through the necessary steps to successfully lodge your tax return for the 2023 fiscal year.

Preparing Your Tax Return

A Tax return is a document filed with the Australian tax authority to report your income, expenses, and other applicable financial information. It can be filled out online, on paper, or with the help of a tax agent or the Tax Help program. The Australian Taxation Office (ATO) utilizes the data on this form to determine if you have paid the appropriate amount of tax, whether you are eligible for any tax offsets, and whether you need to pay the Medicare levy or surcharge. If you have paid more tax than required, you will receive a tax refund, while underpayment may result in a tax bill.

The tax return covers the income year spanning from 1st July to 30th June. To meet the requirements, you must lodge your tax return or engage with a tax agent by the deadline of 31st October.

Lodgment Options

When it comes to lodging your tax return, you have several options depending on your circumstances:

1. Lodge your tax return online with my Tax Application

My Tax is an application that you can access via my Gov or the ATO app that allows you to efficiently prepare and lodge your online Tax Returns in Melbourne and throughout Australia. It is a quick, safe, and secure method, with most returns processed within two weeks.

2. Lodge your tax return with a registered tax agent

Registered tax agents are authorized professionals who can assist you in preparing and lodging your tax return. Keep in mind that tax agents are the only individuals allowed to charge a fee for their services.

3. Lodge a paper tax return

If you prefer a traditional approach, you can complete a paper tax return and submit it by mail. Refunds for paper returns are typically issued within 50 business days.

After submitting your tax return, you can conveniently track its progress using the self-serve options provided by the ATO. Additionally, eligible individuals can access Help and support services to assist with their tax return lodgment.

When Are Tax Returns Due In Australia?

If you plan to lodge your tax return independently, it is crucial to meet the deadline of 31st October each year. However, if this date falls on a weekend, the due date will be the following business day.

If you take the help of a registered tax agent, they can have their own lodgment schedules that allow them to submit tax returns for clients beyond the 31st October deadline. If you choose this option, ensure that you have engaged a tax agent before the 31st of October.

Should you encounter difficulties in meeting your tax obligations or are unable to lodge your return by the designated deadline, it is essential to contact the ATO as soon as possible.

If you lodge your own tax return and receive a tax bill, the payment is due by 21st November. This is regardless of whether you lodged between 1st July and 31st October or after the 31st October cutoff.

What Should You Do If You Miss the Due Date?

If, for any reason, you miss the due date for lodging your tax return, it is crucial to lodge it as soon as possible. Delays can lead to complications, especially if you anticipate a tax bill. The due date for payment, even if you lodge late, is 21st November. After this date, interest will apply to any outstanding amounts.

In situations where paying on time becomes challenging, you can request assistance through a payment plan. For debts of $100,000 or less, you have the option to set up a payment plan online, provided you have a myGov account linked to the ATO. Alternatively, for the same debt threshold, you can opt for the automated phone service. If your debt exceeds $100,000, contact the ATO by phone to discuss tailored payment plan options aligned with your circumstances.

Don’t Delay, Stay on Top of Your Taxes

Understanding tax deadlines and following the appropriate lodgment procedures are essential for a hassle-free tax season. By adhering to the due dates and exploring the available lodgment options, you can ensure a smooth and efficient process. Remember, even if you miss the deadline, it’s crucial to lodge your tax return as soon as possible to avoid complications. So, stay informed, stay proactive, and stay on top of your taxes for a successful 2023 tax year in Australia and capital gains tax advice in Melbourne.