As with most queries tax returns related in Australia, the answer depends on several factors, but here are a few key things to keep in mind for the 2021 tax year which ends on 30th June 2021.
If you are lodging directly with ATO
If you intend on preparing your own tax return through the Electronic Tax Pack in myGov, your return is due to be lodged on 31st October, or given 31st October falls on a Sunday this year, 1st November!
So, if you correctly file your own tax return, and the ATO does not raise any queries, you will likely receive your Notice of Assessment over the next 28 working days after the tax return has been lodged. And, if you are due a tax refund, it will hit your bank account around the same time as the Notice of Assessment. On the contrary, if you have a tax payable, the Notice of Assessment will tell you the payment date along with payment details for an efficient transaction. This could change based on several things, but generally, it should be paid within 4 weeks after the Notice of Assessment is issued.
If you lodge through R T Accounting & Taxation Services (Registered Tax Agent)
If your Accountant, who is a registered tax agent is lodging your tax return on your behalf, if you have a good history with the ATO, you could receive a large extension on both your due date for lodgement and payment compared to those lodging by themselves. R T Accounting & Taxation Services have a very good lodgement history with the ATO and unlock the full range of extensions for our current clients as well as any future clients.
Most individual tax returns will be due around mid-May 2022, which is close to 11 months after 30th June 2021. However, some individual tax returns will be due at the end of March 2022 as those who often have a tax payable at the end of the year as opposed to a refund will be among those affected. This date usually only applies to those who have made a substantial income from sole trader, investment, or business income where tax does not periodically tax out during the year as it would for those on salaries and wages.
Regarding refunds and payments:
- Tax returns tend to be processed within 5 to 7 days of lodgement by registered tax agents. And usually, the refund will be received within that time frame also should there not be any additional ATO queries.
- If you have a tax payable, it will rarely be due prior to February 2022. And more often than not it is some time in the first week of June 2022.
So, there are some definite benefits to have a registered tax agent lodge a tax return on your behalf. It would primarily be beneficial to those with tax payables. As they essentially have a year from financial year-end to pay the liability. This can help with cash flow for your business or yourself.
If you have a poor lodgement history?
If you have a poor lodgement history with the ATO, your return will be due 31st October 2021. Regardless of if you lodge through a registered tax agent or lodge it yourself. Your tax payable, if applicable, will also be due that same day also.
Need an Extension?
If you would like to qualify for an extension to lodge and/or pay, let alone mentioning. Ensuring that you receive any deductions you are entitled to. As well as lodging correctly with a relatively lower risk of ATO queries. You will need to be on our client list before 31st October 2021. If you have a historically poor lodgement history and this return is due by 31st October. We can help lodge your tax return before this date. So in the 2022 financial year, you qualify for the lodgement extensions.
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