Suitable for: All users completing their 2023 income tax return
Tax Difficulty: Easy
Time to read: 2-3 minutes
Tax Focus: WFH expenses and ATO’s expectations
FY22 Tax Timeline
Nearly all working Australian residents and those who earn Australian-sourced income are required to lodge an income tax return every year.
This article will explain:
- Key ATO income tax due dates and timeline
- Extended deadline that you can be considered for by lodging through a registered tax agent such as Airtax
- Frequently asked questions on tax returns
Key dates in lodging your income tax return:
1 July 2023
|31 October 2023
Frequently asked questions
What is the ATO prefill?
The ATO prefill is a function which helps Airtax users lodge their tax returns in an easier and simpler fashion. We have designed our ATO connection so that we can prefill your information directly in your tax return form in just a few seconds. Once you’ve signed up with us and filled in your TFN, data will be imported straight into your tax return.
What happens if I submit before the prefill is finalised?
If you submit your tax return before the ATO prefill data is finalised, we are unable to verify the information that you have submitted against ATO data.
We can still lodge your tax return before such information is available. However, it will mean that if the prefill data eventually conflicts with what you lodged, the ATO may automatically amend your income tax return and your overall tax position could change.
If you need Airtax to process an amendment for you to update your return at a later date with the prefill information, Airtax will be able to complete this for you, at an additional charge.
Alternatively, you can delay lodgement until the ATO prefill data is available. This will give our accounting team more confidence in your return being lodged correctly, and will minimise the likelihood of your tax position changing down the track.
Can I make an amendment to a return?
Yes, you can make an amendment to your tax return. If there are changes that need to be made, whether this is specifically to do with your sole trader section in your income tax return, or some other field, Airtax is happy to complete an amendment for you. Additional charges may apply.
Can I submit before July?
Yes, but only under limited circumstances. It is limited because often, the ATO prefill report is not available and we are unable to complete your lodgement for you.
However, early tax returns can be lodged before July if:
- You are a foreign resident for tax purposes and you are leaving Australia permanently and will no longer be receiving Australian income (other than interest or dividends)
- You are an Australian resident for tax purposes and you are leaving Australia and will no longer be a resident for tax purposes or receiving Australian income (other than interest)
When should sole traders submit their tax return?
If your only source of income is as a sole trader, then you can submit your return once all four Business Activity Statements (BAS) for the financial year have been finalised. Once this information is available, you should have all the information required to lodge an income tax return as a sole trader. If you have used Airtax for your BAS returns, then these will be automatically populated into your tax return using our BAS to ITR feature.
Got a Question?
This document merely provides a broad outline of the subject and is necessarily general in nature. If you require specific advice, which is tailored to your specific circumstances, please do not hesitate to contact us (fees would apply).