We are just about at the end of the 2019 Financial Year and as such we thought we would provide some insight into lodgement due dates.
The ATO will begin processing the 2018/2019 tax returns on 5 July 2019 and expect to start paying refunds from 16 July 2019. The aim is for the ATO to have returns finalised within 12 business days, although, the service standard does allow 28.
Below is a summary of due dates provided by the ATO:
31 October 2018
Tax return for all individuals and trusts where one or more prior year tax returns were outstanding as at 30 June 2018.
Tax return for clients prosecuted for non-lodgement of prior year tax returns and advised of a lodgement due date of 31 October 2018.
Note: Some prosecuted clients may have been given a different lodgement due date. Refer to the letter you received for the client’s applicable due date
15 January 2019
Large/medium trusts (annual total income more than $10 million in latest year lodged) where the trust was taxable in latest year lodged.
28 February 2019
Large/medium trusts (annual total income more than $10 million in latest year lodged) where the trust was non-taxable in latest year lodged.
New registrant large/medium trusts.
31 March 2019
Tax return for individuals and trusts whose latest return resulted in a tax liability of $20,000 or more (excluding large/medium trusts).
15 May 2019
Tax returns for all remaining individuals and trusts not required earlier and not eligible for the 5 June concession (including new registrations).
As Tax agents, we are required to satisfy, at a minimum, 85% on-time lodgements each financial year. This is a target we strive to not only reach but exceed each year. If you require an extension on your lodgement due date, please contact our office to discuss further.