16th August 2023 | Tax
When does the financial year-end, and when can I send my tax return?
The financial year finishes on June 30, and you can send your tax return from the beginning of the next financial year, which starts on July 1.
You could send your return right away, but the Australian Tax Office (ATO) suggests waiting until late July. This is because the ATO needs a few weeks to gather information to fill in parts of your return automatically. If you try to complete everything before they do, it might take longer to process your return.
While you can submit from July 1, your return might miss important info if you do it before late July; forgetting something could slow down the process and create more work for you later.
When is the deadline for tax returns?
If you’re doing your tax return, you must send it by October 31, 2023. This is a strict deadline, which could lead to fines.
However, if you have a registered tax agent, you can submit your return after the regular deadline. But make sure you officially hire the agent by October 31.
How long does it take to get a tax refund?
It varies. If you use the myTax website to file your return online, the ATO says you might wait up to two weeks for your refund.
But if you prefer to mail a paper tax return to the ATO, it could take up to 10 weeks for them to process your refund.
When is the due date for a tax bill?
If you owe taxes to the ATO instead of getting a refund, you must pay the outstanding tax. This must be done by November 21, 2023, even if you missed the filing deadline.
If you don’t pay by that date, you’ll be charged interest on the remaining amount.
To find out more, speak to our Accountant at info@Ax3.com.au
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