In this life, only two things are considered absolute: death and taxes. Certainly, we will not talk about death here. So, let’s talk about tax returns.
The Aussie tax system can be daunting for many people. And if you miss those crucial deadlines, the Australian Taxation Office (ATO) has the power you with fines and late lodgement penalties. No one wants that to happen, so in this article, we’ve summarised a few important dates to remember during the Australian Financial year.
Take note that this set of deadlines is for individual taxpayers. Businesses have a different set of deadlines, which will not be discussed here.
2020 Tax Deadlines for Individual Taxpayers
The Aussie Financial Year year (FY) goes from 1st July to 30th June. Within that period for 2020 FY, here are the most important deadlines.
- 5th May 2020: This is when your annual tax return for FY 2019 (last Year) was due. That was for the period that ran from 1 July 2018 to 30 June 2019.
- 30th June 2020: This marks the end of FY 2020.
- 1st July 2020: This is when the ATO starts processing tax returns from FY 2020.
- 14th July 2020: Your employer should have given your annual Pay As You Go (PAYG) summary by this date.
- 31st October 2020: This is the deadline for lodging your tax return for FY 2020 unless you are lodging through a Registered Tax Agent where you automatically get a lodgement extension.
Note: If you lodge your own Tax Return and it results in a Bill, payment is due by 21st November even if you lodge it yourself after 31st October.
Do I need to lodge?
If you had any tax taken out (withheld) from the income you received during the financial year, you need to lodge a tax return. Tax is usually withheld each pay by your employer.
There are other reasons that you may need to lodge a tax return. If you’re unsure whether you need to lodge, use the ATO Do I need to lodge a tax return tool.
Talk to Perth Mobile Tax
Once you know these critical deadlines, you’ll find that lodging Income Tax Returns isn’t so bad.
You can even lodge it yourself through myTax from your MyGov Account. However, unless you know exactly what your tax deduction entitlements are if any, it’ll be less of a hassle if you use a registered tax agent like Perth Mobile Tax. You can arrange for a personal tax accountant in Perth to come to you, so you don’t have to handle the paperwork yourself. Contact us and let us know how we can help.