Tax tips, tax, tax return, bookkeeper, ato, startups, small business,The due date for your tax return depends on how you answer these three questions:

  1. What type of tax return are you lodging – i.e. individual tax return, partnership, trust or company
  2. Do you have any tax returns outstanding, or have you been penalised in the past for lodging your tax return late
  3. Who is lodging your tax return – are you lodging your tax return yourself? or are you lodging your tax return through a tax agent (such as Nudge).

If you are lodging your tax return yourself

If you are lodging your tax return yourself, generally it is due by 31st October (for individuals and trusts) and 28th February (for companies). However, if a tax agent is preparing and lodging your tax return for you, then generally you will receive an extension.

If you are lodging your tax return through a tax agent (such as Nudge)

Included below are the due date guidelines for FY15 (1 July 2014 to 30 June 2015) if lodging through a tax agent. It is important, however to check the due date with your accountant as this is a general guide only:

Due Date for Individual / Trust Tax Returns

  • 31 October – if you have one or more prior year tax returns outstanding
  • 31 March – if your last tax return resulted in a tax liability of $20,000 +
  • 15 May – if none of the above apply

Due Date for Partnership Tax Returns

Dependent on the due date of the partners’ tax returns

Due Date for Small Company Tax Returns

  • 31 October – if you have one or more prior year tax returns outstanding or have been prosecuted previously for non-lodgement of tax returns
  • 31 March – if you had more than $2million total revenue in FY13
  • 15 May – if none of the above apply

For more information, have a read through the tax agent lodgement program on the ATO Website

Remember, it is important to always ensure you are on top of the due dates for lodgement of your tax return. Late lodgement of your tax return can result in penalties and general interest charges.

This tax tip is brought to you with love by Nudge Accounting. You can read other Tax Tips here.