All the dates you need to know to avoid a $ 1,110 fine
It’s time to pull out your old receipts, call your accountant, and fire up the calculator: tax season is here.
According to the Tax Back tax calculator, the average Australian will receive $ 2,600 in tax back.
These are the dates you need to have in your calendar to make sure you don’t miss a thing.
When can I file my income tax return?
The official close for fiscal year 2021 is Wednesday, June 30, 2021. This means that you can start filing your tax return from Thursday, July 1, 2021.
However, that doesn’t mean you should be heading to myGov early next Thursday morning.
When do I have to file my income tax return?
Le: Don’t come forward, Australia.
Filing your tax return immediately could actually slow down your tax refund.
This is because your employer has until July 31st to provide the ATO with your annual salary, super contributions, and PAYG withholding tax.
Your tax return will be marked as âtax readyâ once this is done.
The same goes for information from government agencies like Centrelink, health funds and banks: they have until July 31 to update the ATO.
This means that it might be a good idea to wait until July 31 to file, or to check through myGov if your tax return is ready.
If you decide to file a complaint before that, it just means that the ATO may take longer to process your request.
It’s also worth noting that if you’re in too much of a rush to file, you’re more likely to have made mistakes when you return. These will block processing time as well, so be careful.
How long will it take me to get my tax refund?
The ATO typically takes two weeks to process electronically filed tax returns. If you are filing a paper tax return, you expect a 10 week wait.
Then, if there is anything in your return that raises the taxman’s eyebrows, you will have to wait a little longer while the ATO checks manually.
If you file multiple tax returns or change your original claim, it could slow progress, as could incorrect personal and financial information.
You can check your tax return process either, by or with your.
After the ATO processes your return, you will receive a notice of assessment letting you know if you have to pay tax or if you are entitled to a refund.
What is the deadline for filing my tax return?
If you are not using professional assistance to file your tax return, you should normally file it before October 31.
However, as it falls on a Sunday this year, you will have until Monday, November 1 to enter it.
When should I register in the books of a tax agent or accountant?
If you decide to hire a professional to help you file your returns, you must be on their books by October 31st.
When is the deadline to file my tax return with a tax agent or accountant?
If you do your taxes with a registered tax agent, you usually have until May 15, 2022 to get the job done.
However, there are different due dates for different clients, so it’s worth checking out.
What happens if I file my tax return late?
If you missed the tax deadline, you will be hit with increasing fines for every 28 days you are late.
For the first 28 days late, the fine is $ 222, but if you are really late it can be as high as $ 1,110.
However, if the ATO owes you money or if you generally have a good tax history, you can often get the fine withdrawn.
The same applies if you have been unable to find accommodation due to a natural disaster or illness.
When should I pay my tax bill, if I owe money?
If you owe the ATO money, you must pay by November 21, regardless of whether you deposit on time or not.
After this point, the ATO will start charging interest on the amount owed.
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