Australian Tax Deadlines: A Yearly Calendar to Stay on Track
Staying on top of your tax obligations in Australia can feel overwhelming, but it doesn't have to be.
Here's a simplified yearly calendar to keep you on track:
July - September:
Review: Familiarize yourself with the tax return due dates and key lodgment dates for the current income year (1 July - 30 June). You can find these on the Australian Taxation Office (ATO) website: https://www.ato.gov.au/tax-and-super-professionals/for-tax-professionals/prepare-and-lodge/due-dates
Gather documents: Start collecting all the documents you'll need to lodge your return, such as income statements, receipts for work-related expenses, and private health insurance statements.
Lodge your return: The standard due date to lodge your individual tax return is 31st October. If you use a registered tax agent, they may be able to lodge your return later.
Pay your tax: If you owe tax, the due date for payment is 21st November, even if you lodge your return late. Interest and penalties may apply for late payments.
Additional key dates:
PAYG withholding: Throughout the year, employers withhold tax from your salary and pay it to the ATO on your behalf. If you have multiple income sources or receive income that isn't subject to PAYG withholding, you may need to make quarterly income tax installments. The due dates for these installments are usually 28th October, 28th February, 28th April, and 28th July.
Superannuation: Employers are required to pay superannuation contributions for their employees. The due dates for these contributions vary depending on the employer's size and payment method.
Mark your calendar: Set reminders for important due dates so you don't miss anything.
Use the ATO online services: The ATO website offers a range of online services that can help you lodge your return, make payments, and manage your tax affairs.
Seek professional help: If you're unsure about anything, don't hesitate to seek help from a registered tax agent.
By following this calendar and staying organized, you can avoid unnecessary stress and ensure you meet your tax obligations on time.
Here are some additional resources that you may find helpful:
The ATO website: https://www.ato.gov.au/
The National Council of Tax Agents: https://www.anao.gov.au/work/performance-audit/australian-taxation-office-engagement-tax-practitioners
We hope this helps!