Key Dates For The Australian Tax Year

 

Tax can be confusing! 

It’s very difficult to get a handle on the tax system, but you have to come to terms with the Aussie tax system.

Don’t worry, we’re here to help!

In this blog, we’ll take a look at the basics of the Australian fiscal year and outline some of the most significant dates and deadlines during the tax year.

 When is tax season in Australia?

Tax season in Australia runs from 1 July – 31 October for individuals (businesses have to submit monthly and quarterly activity statements all year round).

15 May 2022

If you’re an individual and used a registered tax agent to help lodge your annual tax return for the fiscal year 2021 (1 July 2020 – 30 June 2021), this is typically the deadline they will adhere to for the submission of your return. This isn’t something you really need to concern yourself with, as hopefully the agents will take care of it for you.

 30 June 2022

Official end of the 2022 fiscal year.

1 July 2022

The Australian Taxation Office begins to process tax returns from the fiscal year just ended.

14 July 2022

You should receive an annual Pay As You Go payment summary from your employer on this date. A similar summary is issued to the tax office a month after this, so make sure you receive this and check everything is in order. Employers are obliged to disclose employees PAYG information to the ATO no later than 14 August. This means that any missing payment summaries should be available after that date as information with ATO.

July 2022

This is the estimated month for the issue of rebates from the previous fiscal year. The timing can differ slightly from year-to-year, but refunds are typically issued in July.

31 October 2022

Deadline for lodging your tax return for the fiscal year 1 July 2021 – 30 June 2022. Alternatively, you can apply for an extension – Remember that it’s better to lodge a complete, delayed tax return than an incomplete one on time.

Ready to file your tax return and claim your Australian tax refund?

If you are ready to file your tax return now, we can help you out. Reach out to us and we will help you claim your maximum tax refund in Australia!

 

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