What dates do I need to be aware of to stay tax compliant?

Income tax lodgement dates

The Australian financial year runs from 1 July to 30 June and most individuals are required to lodge a tax return by 31 October. However, lodging your tax return through a registered Tax Agent such as Airtax can get you extensions beyond this due date, usually up to 6 months later. 

There are two deadlines provided in the timeline, which are:

1. The normal ATO deadline - this is applicable to those taxpayers who do not approach a registered Tax Agent (such as Airtax) before the 31 October regular due date. This deadline will also apply to those individuals who are not granted a due date extension by the ATO. 
2. Tax agent deadline - this is an extension granted (at the ATO’s discretion) to people who are registered with a tax agent, such as Airtax, by 31 October.

To be considered for the 15 May extension for a given tax return, just make sure you start the return on Airtax prior to the 31 October deadline. This is completely free to do, and you will be added to our Tax Agent Number with the ATO automatically. You can read more about this here.

Payment due dates (if applicable) 

After lodging completing your tax return you will be in one of two positions:

1. A tax receivable position: this means that the ATO owes you money. Simply ensure that your bank details on Airtax are correct and you will receive a transfer into your bank account.
2. A tax payable position: this means that you owe the ATO money because you have got outstanding tax. You will receive a payment slip by email once we have lodged your return with the amount owed, the time frame for the payment and instructions on how to pay.