What is the Last Day to do my Taxes?
It’s a common occurrence that we leave everything to the last day, especially when it comes to personal taxes. What many people don’t understand is what is the actual last day to file taxes?
Ultimately the last day to file tax returns for individuals depends on your previous tax and lodgement history. If you have a lodged your tax return before the due date every year and you have no outstanding tax returns the ATO allow you more time to lodge. If you do have outstanding returns or have previously lodged your returns late, the last day for tax filing tax is much sooner than you may think.
Individuals with late or outstanding tax returns
The Australian Taxation Office (ATO) allows individuals deemed to have poor lodgement history a period of four months to prepare and lodge their tax returns each year. As the financial year wraps up on the 30th June each year, the lodgement period begins on the 1st of July and the last date for tax returns to be lodged with the ATO falls on the 31st of October each year.
If your tax return results in a tax payable you are also required to pay this amount to the ATO in specified time frame. For individuals the ATO allows 21 days to make this payment. This means the last day to pay taxes for individuals in this case falls on the 21st November. If the individual in unable to pay this amount by the due date, the ATO can grant payment extensions or arrangements that suit the individual providing their previous payment history is of a desirable standard.
Individuals with no late or outstanding tax returns
For all remaining individuals with no late or outstanding tax returns the last day for tax returns to be lodged is the 15th May. Individuals who lodge their taxes through a Tax Agent also have this extended date.
If the return is lodged before the last day, any tax payable will be due 21 days after the last day to pay taxes or 21 days after the notice of assessment is deemed as received (3 days after issue), whichever date is later. In most cases the individual will have 21 days after the last day to file taxes to pay this tax to the ATO.
In some special circumstances individuals can obtain extensions on payment and lodgement dates and may have different dates. The same general rules as outlined above apply to all lodgement dates unless otherwise outlined by the ATO.