The answer to this tax returns question depends on a variety of circumstances, but here are a few key things to bear in mind for the 2021 tax year.
If you’re paying direct taxes to the ATO
If you want to prepare your own tax returns using the Electronic Tax Pack in myGov, it must be submitted by 31 October, or given if this year’s Sunday falls between 1 November and 30 November!
So, if you submit a correct tax return, and the ATO does not raise any difficulties, you should receive your Notice of Assessment within 28 working days after it has been submitted. Your tax refund will arrive around the same time as your Assessedation Notice of Assessment unless you owe money to the government. If you have a tax owing, If you meet all of the necessary criteria, a Notice of Assessment will be sent to you. This document will contain information regarding your payment date as well as payment details, which will assist you in making an efficient transaction. There are several variables that might alter this timeline, but it is safe to assume that it will be paid within four weeks after the Notice of Assessment is published.
If you use Ambition Accounting (Registered Tax Agent)
If you have a favorable history with the ATO and your Accountant, who is a recognized tax agent, is filing your tax return on your behalf, you may get up to six months longer than if you were lodging it yourself. Ambition Accounting has an excellent lodgement record with the ATO and can unlock all of our current client’s extensions
Individual tax returns are generally due in mid-May 2022, which is around 11 months after 30th June 2021. Some individual tax returns will be due at the end of March 2022, owing to those who frequently have a tax liability at the end of the year rather than a refund. This date is only relevant for people who make a significant income from
Refunds and payments:
- Tax returns are generally submitted and processed within 5 to 7 days of lodgement by registered tax agents. If there are no other ATO queries, the refund should arrive within that time limit as well.
- IIf you have a tax to pay, it is very unusual for it to be due before February 2022. It’s usually some time in the first week of June 2022.
There are certainly several advantages to hiring a properly registered tax agent to submit your taxes for you. Those who have tax liabilities would benefit the most. Because, in reality, they only have until the next financial year’s end to pay off their obligation. This might assist with cash flow for your company or yourself.
Do you have a poor track record with lodgements?
If you have a bad ATO lodgement history, your return will be due on October 31st, 2021. Regardless of whether you submit via a registered tax agent or hand in yourself. That same day, if applicable, your tax debt, if any, will also be due.
Do you need more time?
If you want to qualify for an extension to file and pay, or even mention it. Ensure that you receive any deductions you are entitled to. As well as lodging your tax return correctly with a very low risk of ATO inquiries. If your past lodgement record is bad and this return is due by October 31, 2021
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