It is normal to say, that understanding or filing tax can be a tedious task and for some users, it can be confusing. It is hard enough to get a handle on the tax system that works within your country. However, if you are planning to move into Australia for your working holiday, then you have to go through the terms and conditions that work for the Aussie Taxation system. If you are thinking too that this can be a difficult thing to understand then you do not need to worry. Here in this blog, we will take you to understand the basics related to the Australian fiscal year and highlight some of the most significant dates along with deadlines to play tax dues during the fiscal year. So, let’s get started!
When is the tax season in Australia?
According to the Accounts NextGen, it is explained that the Tax season in Australia runs from 1 July – 31 Oct for individual citizens. However, the businesses have to submit monthly and quarterly activity statements in the year. Furthermore, the dates are explained as below:
5 May 2021
If you are an individual and have used a registered tax agent to lodge your annual tax return from the fiscal or financial year 2020 then this is typically the deadline to submit your returns.
30 June 2021
This is the official end of the year 2021 that is said to be a financial year
1 July 2021
The Accounts NextGen explains that the Australian Taxation Office begins to process the Tax returns from the financial year.
14 July 2021
You need to receive the annual pay as you go payment summary from the employer on the same date. It is a similar summary that is issued to the tax office every month after this, so you need to make sure you have not received this and then check everything that is synchronized in order. The employers are hence obliged to disclose the employee’s information related to PAYG account to the Australian Taxation Office. This clearly means that the missing payment summaries should be available when the information is sent to ATO.
16 July 2021
Remember, the estimated date to issue the rebates from the previous financial year is this date. The timing can differ though from year to year depending on various circumstances. However, the Accounts NextGen explains that the refunds are generally issued in 2-3 days around the date.
31 October 2021
It is the deadline for lodging the tax return for the financial year 1 July 2020-30 June 2021. If you use a registered tax agent, the deadline is usually later but you need to have a consultation with him before 2 penalties in a row.
Know what are the Australian tax rates for businesses
The most important tax dates for the business in the provinces of Australia are as below:
15 January 2021
The due date for paying the income tax for the companies in Australia whose annual income exceeds $10 million in the previous year have this date. There are some companies that may be advised to submit the returns earlier if they have a history of failing to lodge the tax returns on time.
21 January 2021
The first deadline for the monthly PAYG activity statements is this date. According to the Australian taxation system, it runs on a Pay As you Go basis where the tax is automatically deducted from your account. It is necessary for your employer to lodge monthly activity statements on the 21st of every month.
28 February 2021
This date is set to be as a deadline for the businesses to make certain lodgings along with payments related to the December quarter of the financial or fiscal year.
28 April 2021
It is the deadline for the businesses to make certain lodgings and payments related to the March quarter of the financial year.
28 July 2021
Set date for the businesses to make lodgings and payments related to the June quarter of the fiscal or financial year.
14 August 2021
This date is the deadline set for the businesses to submit an annual summary of PAYG withholding details of all the payments that are made to employees/ additional payees along with the total amounts held from the wages and salaries.
28 October 2021
The deadline for the businesses is to make certain effective lodgings according to the Accounts NextGen and payments that are related to the September quarter of the financial year.
21 December 2021
This is the deadline for the employer to submit the November PAYG statements for the payees. And this is the final tax date for 2020 year.
Tax relates queries can be many and amongst those, the tax deadlines are something very important but confusing sometimes. We hope that this list of tax due dates will give you a better idea about the taxpaying timelines in Australia.