It’s coming up to tax time, when are my lodgements due?

Knowing how long until you have to lodge your individual, company, super or trust tax returns is tricky and differs greatly depending on your circumstances.

If your tax return is lodged by the 31^st of October, then regardless of your circumstances the ATO will not fine you a failure to lodge (FLT) penalty.

However, there are longer time periods that you get depending on your circumstances and these differ from individuals, companies, self-managed super funds (SMSF) or trusts.

When are my individual tax return dates?

If you are not using a tax agent, then your tax return lodgement is due by the 31^st of October.

-              If one or more tax returns were outstanding or the tax return was prosecuted for non-lodgement then your tax return lodgement is due by the 31^st of October.

-              If your tax liability (tax owed) is greater than $20,000 then the tax return lodgement is due by the 31^st of March.

-              For all other individuals where the tax return lodgement is not due earlier and is not eligible for a concession then your tax return is due by the 15^th of May.

When is a trust’s tax return dates?

-              If you are not using a tax agent, then your tax return lodgement is due by the 31^st of October.

-              If one or more tax returns were outstanding or the tax return was prosecuted for non-lodgement then your tax return lodgement is due by the 31^st of October.

-              For large and medium trusts (annual total income is greater than $10 million in the last financial year lodged) if the trust was taxable in the previous financial year, then the tax return lodgement is due by the 31^st of January.

-              For large and medium trusts that were non-taxable in the previous financial year, then the tax return lodgement is due by the 28^th of February.

-              For small trusts (annual total income between $2 million and $10 million in the last financial year lodged) whose last financial year’s return was greater than $20,000 then the lodgement is due by the 31^st of March.

-              For all other trusts where the tax return lodgement is not due earlier and is not eligible for a concession then the tax return is due by the 15^th of May.

When is a company’s tax return due?

-              If you are not using a tax agent, then your tax return lodgement is due by the 31^st of October.

-              If one or more tax returns were outstanding or the tax return was prosecuted for non-lodgement then your tax return lodgement is due by the 31^st of October.

-              For large and medium taxpayers (which can be found here) Whose previous tax return was taxable, the tax return must be lodged by the 31^st of January.

-              If your company is a new registrant, or for large and medium taxpayers, if the tax return was non-taxable in the previous financial year then the tax return lodgement is due by the 28^th of February.

-              If the companies total annual income is greater than $2 million in the previous financial year then the tax return lodgement is due by the 31^st of March.

-              For all other companies that are tax agent clients, the tax return lodgement is due by the 15^th of May.

When is my tax return due for my SMSF?

-              If you are not using a tax agent, then your tax return lodgement is due by the 31^st of October.

-              If one or more tax returns were outstanding or the tax return was prosecuted for non-lodgement then your tax return lodgement is due by the 31^st of October.

-              For large and medium taxpayers whose previous tax return was taxable, the tax return must be lodged by the 31^st of January.

-              If your SMSF is a new registrant, then the tax return lodgement is due by the 28^th of February.

-              For all remaining SMSFs that are tax agent clients, the tax return lodgement is due by the 15^th of May.

When is my partnership tax return due?

Partnership tax returns must be lodged before the individual tax returns of the partners. This means the partnership return is due before the earliest lodgement date of any of the partners.

For example, if Person A has a lodgement due date of 15 May, and Person B has outstanding tax returns and is required to lodge by 31 October, then the partnership tax return must be lodged before 31 October, which is the earliest of the two partners’ lodgement deadlines in this case.

How does the tax return concession work and does it apply to me?

For individuals, partnerships (if also individuals) and trusts, if the lodgement date is due on the 15^th of May, then the ATO states that despite the lodgement due date of the 15^th of May, the individual or trust can lodge it up to the 5^th of June and not face the FLT penalty. Where the concession does not apply is to any of the individuals, partnerships or trusts who have earlier lodgement dates than the 15^th of May.

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Need help with your tax return?

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CTK Accounting is a full-scope accounting firm based in Wollongong, servicing clients nationally.

For advice on Tax, BAS, GST, Bookkeeping, and Payroll issues visit us at ctkaccounting.com.au

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