News
Do you usually wait for the 15 May deadline to lodge your tax return? And, did you feel like your accountant was chasing you a little earlier this year? If so, you are not imagining things – your due date for lodgement (and perhaps also payment) can be brought forward to 31 March, but what triggers this change?
If your most recently lodged income tax return resulted in a tax liability of $20,000 or more, the automatic due date for lodgement for the next year’s return will be brought forward to 31 March.
Payment is due as advised on your Notice of Assessment (NOA)which the ATO will send out to you – this will generally be about two weeks after you lodge. So, if you lodge your tax return on 31 March this year, you’ll be up for payment mid-April.
If your tax liability drops to under $20,000, your due date or the following year will be extended again until 15 May.
If the most recently lodged tax return for a company or super fund declared total income of more than $2 million, but less than $10million, the due date will be brought forward to 31 March. That is unless the return was due earlier for any other reason of which there could be many, so for more specific info on this, speak with us for guidance.
The payment for companies and super funds is also due by this date, which is important to remember, as the ATO does not issue an NOA for companies or super funds. If the company or super fund’s total income falls to below $2 million, the due date for the following year will be extended once more until 15 May.
It is important to keep track of when your tax returns are due and what it can take to trigger a change. There are some things we can’t always control but we can always make sure you stay on top of your lodgement obligations!
If we’re already managing your tax affairs, you’ll be completely aware of your lodgement dates and certainly prepared, but if not, perhaps now is a good time for some Attune advice. Reach out to the team on 1300 866 113 or send us an email to start the conversation.
