While Prime Minister Anthony Albanese’s tax cuts for next financial year have dominated the headlines so far in 2023, Australians may have more pressing tax deadlines. Tax season in Australia runs from 1 July – 31 October for both individuals and companies but those using a registered tax agent may lodge a return after this date. However, the Australian Tax Office (ATO) is cracking down on late returns and waiting too long to make an appointment with your accountant may put you or your business at risk.
According to the ATO schedule, self-lodging individuals and businesses should have filed their annual tax return for the fiscal year 2023 (1 July 2022 – 30 June 2023) by 31 October 2023 but, if you use a tax agent, you may have up until 15 May 2024 to lodge your return. This date may be subject to change and/or your specific circumstances. We strongly recommend that you contact our office to confirm the applicable dates that may be relevant to your particular situation or visit the ATO website.
For businesses
Key criteria
Remember, there are two key criteria to accessing the special arrangements that tax agents like Falanga & Co have with the ATO to lodge tax returns well after the 31 October deadline. Firstly, all your prior year tax returns must be up to date and, secondly, you must have been registered as a client with your tax agent by 31 October.
The regulator has already shown its intent by fining individual self-lodgers who failed to submit a return by October 31 with an immediate late lodgement penalty of $313. This can increase by a further $313 for each successive 28-day period that the return remains outstanding, up to a maximum of $1,565. Using a tax agent can give you more time to lodge your return, considers your special circumstances and provides breathing space to get the funds together to pay any tax owing.
How Falanga & Co can help
If you need support lodging your return or unclear about what strategies might be available to you, the Falanga & Co team are always here to help. For existing clients please get in touch with your Falanga & Co accountant today. For those who are not Falanga & Co clients, we invite you to click here to schedule a discovery call with a member of our team to discuss how we might be able to assist you in the future.
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