All personal, partnership and trust income tax returns are to be lodged by 31 October. However if you are on a tax agent’s lodgement list then this is extended to 15 May 2020. Companies and super funds all have a lodgement date of 15 May. This date is automatically extended to 5 June if any tax owing is paid at the same time as lodgement of the return.
However there are exceptions. Taxpayers with prior year tax returns due as at 30 June 2019 do not get an extension beyond 31 October. Companies and super funds must pay any tax owing by 1 December 2019.
If your entities annual total income (another complex calculation) is more than $10 million in the previous year then the lodgement date is 15 January 2020 with companies and super funds having to pay by 1 December 2019. If the company or super fund was non taxable then the date is 28 February. The same date applies to new super funds.
If your total income in the past year was greater than $2 million then the lodgement date is 31 March
As tax agents we have the ability to request extensions for good reasons.
If you do not lodge on time then interest rates are charged at what appears now days to be a very high rate. The ATO also has power to charge fines of $2,000 for late lodgement or to take you to court where the penalties are even higher.
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