Every country has a complicated tax system, including Australia. If you are moving to the country for your work holiday, you must be aware of the Aussie tax system. Read this guest blog to know more about the Australian fiscal year, the deadlines, the important days for the tax.
About Australia’s Tax Season
In Australia, the tax season starts from the 1st of July to the 31st of October for everyone. Small businesses and organizations have to submit quarterly and monthly activity statements around the year. Some important days to keep in mind while filing a tax return in Perthare explained here.
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- The 5th of May 2021
Being an individual, if you have to ask dome guidance to lodge an annual tax return for the year 2020 that includes the 1st of July to the 30th of June 2020, it is the typical deadline. They have to adhere to submit the return. You may not have to show so much concern about it as the tax advisor Perth might have already taken care of the same.
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- The 30th of June 2021 And the 1st of July 2021
The official end of the fiscal year 2021 is the 30th of June 2021, and the Australian Taxation Office starts processing the tax returns from where the fiscal year ended.
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- The 16th of July 2021
It is the estimated date for the issue of rebates regarding the previous fiscal year. However, the time can change slightly from year to year. But the refunds are initiated within two to three days around the 16th of July. For more information, the tax agent in Perth can help you.
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- The 14th of July 2021
On this date, from your employer, you must get “an annual Pay As You Go payment summary.” After a month, a similar summary is being issued to the tax office. You have to ensure you receive the same and check if every detail is in order. Most importantly, employers have to disclose PAYG details of employees to the ATO before the 14th of August.
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- The 31st of October 2021
The last date for lodging the income tax returnfor this fiscal year, 1st of July 2020 to the 30th of June 2021, is the 31st of October. While using a registered tax agent for any guidance, the last date is later. But you should still speak with the experts to avoid paying penalties. You can also apply for an extension and submit a complete tax return instead of an incomplete one.
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Important tax date for businesses
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- The 15th of January 2021
The deadline to be maintained for filing income tax returns for trusts, companies, businesses that have exceeded $10 million annual income in the last fiscal year was the 15th of January 2021. If some companies have a history of submitting the tax return after the specified time in the past years, they have been asked to do as mentioned by the authorities.
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- The 21st of January 2021
Companies failing to submit the first due date for PAYG monthly in 2021 is the 21st of January 2021. The Australian Tax System runs as per the Pay As You Go, where the tax gets deducted on its own. So, every employer needs to submit monthly activity before the 21st of all months. It is because of the withholding of income for superannuation and tax reasons. It is nothing that you must know if you are an employer with PAYG, including responsibilities. If you want to know more about PAYG, the best way would be to get in touch with the professionals. It might be complicated for a normal person to understand things.
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- The 28th of February 2021 and the 28th of April 2021
If any payment or certain lodgings need to be made for the December quarter for the last fiscal year, the deadline is the 28th of February 2021. It can be things like Goods and Service Tax, etc. If any records need to be made, like payments for the March quarter, the last date is 28th April 2021 for this fiscal year.
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- The 28th of July 2021
For the June quarter, the deadline for businesses to enter payments and lodgings is the 28th of July. All the things need to with regards to this fiscal year only.
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- The 14th of August 2021
To submit the PAYG annual summary report containing all the details of payments made to additional payees, employees, etc., the due date is the 14th of August 2021. It should also include the sum of the amount withheld from salaries and wages.
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- The 28th of October 2021
For the September quarter of this fiscal year, the payments and lodging need to be submitted within the 28th of October. All businesses keep in mind the last date, or else they might need to pay a fine. It is better to appoint an expert who will have in-depth information on the same.
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- The 21st of December 2021
The final tax date for the PAYG activity statement for November is the 21st of December 2021. Employers must stick to the deadline and must provide the details accordingly. Keeping all the tax deadlines in mind is not at all an easy task. Even after providing you the list, you may forget one. To avoid that and file a company tax return on time, you can take some expert help.
Get Ready to File Your Tax Return.
After collecting the information on the tax return, get ready to file a tax return. The best tax experts are in touch with the Australian tax return. Tax agents are aware of the entire process of filling and preparing of tax return and can assist you at every step. They have been doing these for years and aware of all the updated information. In that way, you can stop paying fines and save the company’s revenue. Also, the experts will know how to include the details and will not get you in trouble. For any Australian tax questions, the experts will be happy to address them. Also, to calculate your refund, you can use the tax calculate available online. So, it’s time to look for the experts near you.