Tag: Income Tax Return

Key Dates for Summer 2019/2020

Many key dates are looming for business including those relating to Activity Statements, superannuation, and more…. 

DECEMBER 2019 

1 December – Due date for income tax payments for companies that were required to lodge by 31 Oct.  
21 December – November monthly Activity Statments – due for lodgement and payment . 

JANUARY 2020 

15 January – Due date for lodgement of income tax returns for companies and trusts that were taxable medium to large businesses in the prior year and are not required to lodge earlier. If you fail to lodge by the due date, your 2019/2020 income tax return will be due on 31 October 2020. 
21 January – Due date for lodgement and payment of December 2019 monthly Activity Statements. 
28 January – Due date for October-December 2019 Superannuation Guarantee contributions to be made to a complying fund on behalf of your employees. 
31 January – Final date for lodgement of October-December 2019 TFN report for closely held trusts for TFNs quoted to a trustee by beneficiaries. 

FEBRUARY 2020

21 February – Due date for lodgement and payment of January monthly Activity Statements. 
28 February – Due date for lodgement and payment of October-December 2019 quarterly Activity Statements, including electronic lodgements. 
28 February – Due date for lodgement and payment of Annual GST returns or Annual GST information reports – if you do not have an income tax return lodgement obligation. 
28 February – Due date for lodgement and payment of income tax returns for self-preparing entities that were not due at an earlier date. If you fail to lodge by the due date, your 2019/2020 return will be due on 31 October 2020. 
28 February – Due date for lodgement and payment of income tax returns for medium to large businesses (taxable and non-taxable that are new registrants). 
28 February – Due date for lodgement and payment of Superannuation Guarantee Charge Statement if you failed to pay Superannuation Guarantee charge on time for the October-December 2019 quarter. Superannuation Guarantee Charge is not deductible. 

Where one of these dates falls on a weekend or a public holiday, the due date is extended to the next business day except in the case of Superannuation Guarantee contributions. 

Engaging a Tax Agent

If like many taxpayers you intend on using the services of a Tax Agent to prepare your upcoming 2016/2017 Income Tax Return, you should ensure you are on their lodgement list by 31 October 2017. If you are not on a Tax Agent’s Lodgement List, your tax return will be due on this date, and you will not enjoy the extended due date that you usually would when you lodge with a Tax Agent. Other points to be mindful of when using a Tax Agent include:

 

  • Ensure they are registered with the Tax Practitioners Board (go to https://www.tpb.gov.au/search-register)
  • Ensure that you provide the Tax Agent with all of your relevant tax records for 2016/2017 (receipts etc.). Failure to do may result in delays in lodging your return, and you possibly paying more tax than you are liable for. Ask your Tax Agent for a checklist of the records that you need to provide.
  • Tax return preparation fees are tax deductible, so ensure that you retain evidence of payment.