Filing your company tax return is mandatory so that you, as a company owner; are not overburdened with penalties or any kind of additional charges for delay in paying taxes.
However, the precious question is When you must file a company tax return?
Usually, the Australian tax year runs from 1st July to 31st Oct. However, for corporations; substitute year of income is available from 1st January to 31st December.
For companies, the tax return is to be lodged with the ATO by the 15th July. Yes, if any tax agent lodges the return, then the additional time can be given.
The due date for filing company tax return depends on mainly two factors: a) Those with outstanding taxes b) Those with regular tax affairs.
- Those with outstanding taxes: Even if your one year tax is due as on 30th June, then the due date for next company tax return will be 30th October.
- Those with regular tax affairs:
Even if your tax affairs are regular, there are certain exceptions in the primary rules such as:
- i) Turnover above $10 million: Tax return due date is 15th January.
- ii) Turnover above $2 million:
Tax return due date is 31st March. If your lodgement is pending, then your payment and lodgement date will be the same, i.e. 31st March.
iii) Rest of the companies: Tax due date is 15 May. If no tax is pending during the lodgment year and no tax pending upon lodgement last year, then the tax lodgement can be done up to 5th June. ATO doesn’t consider it as late.
These apply to almost majority of the companies. However, you must consult a well-known Australian Tax Consultant to get customized advice as per your own company tax scenario.
Things look simple but they don’t actually are when it comes to Australian taxes.
Hope this guide will definitely help you to find the accurate due date to file your company tax returns.
If you still have any confusions, you can quickly get in touch with your tax adviser and get the required assistance.
