Not only in Australia but governments across all the countries also require their citizens to pay taxes on what they earn. These taxes are then returned to the citizens in the form of government services, infrastructure, and more. Since as an eligible taxpayer in Australia, you need to file taxes every year, you should know the fundamentals of due dates and extensions to avoid troubles.
Australian Financial Year and Tax Return Deadline
The financial year in Australia ends on 30 June every year, starting 1 July the previous year. After this, taxpayers get four months to gather their documents, calculate their incomes, deductions, and payables, and file their returns with appropriate tax amounts. So, if you are filing a tax return, you might know the last date for filing a return usually falls on 31 October.
Extension in the Deadline
Generally, there isn’t any extension provided in the deadline. But if you have a specific case and a strong reason for missing the deadline, you can approach the ATO for the same. This option is available if you approach the ATO before the original deadline, i.e., 31 October. Alternatively, you might get an automatic extension if the government decides to do it for all, under any specific circumstance.
Deadline and Extension for Companies
Running a business, managing operations, finances, and then calculating taxes every year can be challenging. While dates remain the same for companies and individuals alike, business owners can apply for extensions through registered tax agents. But if you have already hired a professional tax accountant from Toongabbie, you might not need to worry about missing deadlines or mismatched details for your business-related taxes.