The Australian tax system, while comprehensive, requires precise attention to deadlines to avoid fines from the Australian Taxation Office (ATO). Below, we’ve summarised the most critical deadlines for individual taxpayers in Australia, specifically for Perth residents.
Important Dates for the 2020 Financial Year
- 5 May 2020: Annual tax return for FY 2019 due. This applies to the period from 1 July 2018 to 30 June 2019.
- 30 June 2020: End of FY 2020.
- 1 July 2020: ATO begins processing tax returns for FY 2020.
- 14 July 2020: Deadline for employers to provide the annual Pay As You Go (PAYG) summary.
- 31 October 2020: Deadline for lodging your tax return for FY 2020 unless using a Registered Tax Agent for an extension.
If lodging your own tax return and it results in a bill, the payment is due by 21st November, even if you lodge after 31st October.
Determine If You Need to Lodge a Tax Return
If you had any tax withheld from income during the financial year, you are required to lodge a tax return. Employers typically withhold tax each pay period. If you’re uncertain, use the ATO’s “Do I need to lodge a tax return” tool for guidance.
Lodging your tax return doesn’t have to be daunting. While the ATO’s myTax through your myGov account offers a self-service option, professional help can ensure you maximise your deductions and comply with tax laws.
Perth Mobile Tax provides registered tax agents ready to help, with personal tax accountants in Perth available to come to you for convenience. Contact Perth Mobile Tax to help you with your tax return needs and ensure you’re meeting all crucial deadlines effectively and accurately.
Frequently Asked Questions
1. What happens if I miss the tax lodgment deadline?
If you miss the deadline, the ATO may issue a Failure to Lodge (FTL) penalty. This penalty accumulates every 28 days the tax return is overdue, up to a maximum of five penalty units.
2. Can I get an extension on my tax lodgment deadline?
Yes, if you use a registered tax agent by 31 October, you may receive an automatic extension for your lodgment deadline.
3. Do I need to file a tax return if I had no income?
Not necessarily. If you didn’t earn any income and have no tax liabilities, you may need to submit a Non-Lodgment Advice to inform the ATO.
4. How can I lodge my tax return?
You can lodge your tax return online through the ATO’s myTax via myGov, mail a completed paper tax return to the ATO, or use a registered tax agent.
5. What are the penalties for not lodging a tax return?
The ATO imposes penalties calculated at one penalty unit for each 28-day period or part thereof when the return is overdue. The penalty is $222 per unit, with a maximum of five units. The ATO might remit the penalty if it’s fair and reasonable to do so.
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