Did you know you know that by using Airtax to lodge your income tax return, you may be eligible to extend your lodgement and payment deadline for your annual income tax return?
How this works
If you’ve lodged your past tax returns on time, at the ATO’s discretion, you may be able to defer your income tax return lodgement and payment by more than 6 months. In the case that you haven’t put money aside for a tax liability, this will give you extra time to save up to pay.
How to get the extension
We do it for you!
When lodging through Airtax, most people will have an extended due date of 15 May as long as they have signed up to Airtax, provided their Tax File Number and started their tax return prior to 31 October.
Generally income tax returns lodged before mid-February through a Tax Agent (ie. Airtax) have a payment due date of 21 March. Those lodged from mid-February to mid-March have a due date of 21 April and those lodged from mid-March onwards have a 5 June payment due date.
If you notify us by email that you would like to make use of the extension we will hold your return and then lodge in May, allowing you the maximum time to pay.
Mary is a fulltime freelancer. Because Mary is a sole trader, she doesn’t have an employer withholding tax on her income and therefore needs to take ownership of this herself.
Not realising that no one was withholding tax on her income and that she wasn’t paying PAYG instalments in her first year as a fulltime freelancer for the year ending 30 Jun 2017, Mary didn’t allocate any money for income tax.
Because Mary has lodged all her past personal tax returns diligently and on time, and she signed up to Airtax prior to 31 October 2017 and has submitted her tax return with Airtax, she qualifies for an extension to lodge in May 2018. This means she knows the tax bill she has to pay and has time to save to pay it when it is lodged in May 2018.
For more information, get in touch with an Airtax specialist using live chat or email.