Tax season has ended in Australia: What you need to know
The Australian tax season for the 2022-2023 financial year ended on October 31, 2023. If you haven't lodged your tax return yet, you need to do so as soon as possible.
Here's what you need to know:
- If you lodge your own tax return: The deadline for lodging your own tax return is October 31. If you miss the deadline, you may be charged a late penalty.
- If you use a registered tax agent: Registered tax agents have until May 15, 2024 to lodge tax returns for their clients. However, you still need to provide your tax agent with all of your necessary information by October 31.
If you're not sure how to lodge your tax return, or if you have any questions, you can contact the Australian Taxation Office (ATO) or a registered tax agent.
What happens if I miss the deadline?
If you miss the deadline for lodging your tax return, you may be charged a late penalty. The amount of the penalty will depend on how late you lodge your return.
If you have a good reason for missing the deadline, you can apply for a penalty waiver. However, you will need to provide the ATO with evidence to support your claim.
How do I pay my tax bill?
If you owe the ATO tax, you will need to pay your bill by March 21, 2024. You can pay your tax bill online, over the phone, or by mail.
If you can't afford to pay your tax bill all at once, you can apply for a payment plan. The ATO will work with you to create a plan that you can afford.
Here are some tips for lodging your tax return:
- Start gathering your information early. This will help you to avoid rushing at the last minute.
- Keep a record of all of your income and expenses. This will make it easier to complete your tax return.
- If you're not sure how to claim a deduction, check the ATO website or contact a registered tax agent.
- Lodge your tax return electronically. This is the quickest and easiest way to lodge your return.
If you have any questions about tax season, or if you need help lodging your tax return, you can contact the ATO or a registered tax agent.