Everything You Need To Know About Australia Tax Return In

1. Australian Tax Return In 2023 – Everything You Need To Know It’s almost time to file your tax return for the fiscal year 2023 in Australia, which means tax season is right around the corner! Each year during the fiscal year, the Australian Tax Office (ATO) is in charge of collecting income tax from working Australians. Because the fiscal year in Australia begins on July 1 and ends on June 30 of the following year, we are currently in the 2022–23 fiscal year (which starts on July 1, 2022, and ends on June 30, 2023). We understand that paying taxes isn’t at the top of anyone’s list of favorite things. Nonetheless, there is no reason for them to be worrisome! This article

2. will walk you through the process of filing your tax return in 2023 and will cover all you need to know to do it successfully. Important 2023/2024 Financial Year tax dates Nobody wants to find oneself subject to a penalty from the Australian Taxation Office because they missed a crucial deadline for filing their tax return. Make sure you stay on course by using this list. 15 May 2023 For the 2021/2022 fiscal year, this is the day by which individuals and partnerships that lodge their tax returns with a tax agent must have submitted their returns. Those who are eligible for a concession can submit their return by the 5th of June without incurring a late fee, provided that the payment is

3. also submitted by that date. A tax agent’s concession allows for staggered payment date arrangements to be made for individuals and trusts whose tax returns have a due date of May 15th. 1 July 2023 On June 30, 2023, Australia will have reached the end of the current fiscal year. The Australian Taxation Office (ATO) starts to process tax returns from the most recent fiscal year, but wait! It is in your best interest to not jump in too quickly. If you have a full-time job and also run a side business, you will need to wait for your documentation to be deemed ‘tax ready’ before you can file your taxes. Employers have till the 14th of July to update their records and upload them to the ATO to declare the PAYG tax and superannuation payments that have been made on behalf of their staff members. 31 October 2023 Individuals, sole proprietorships, independent contractors, and trusts that are required to file tax returns with the Australian Taxation Office (ATO) have until this day to do so. If you or your small business use the services of a tax professional, you have a little bit longer time to file your taxes. Be aware that the deadline of May 15 can be extended for individual taxpayers, but this is

4. conditional on the fact that the tax agent you have opted to hire must have added you to their client list by the end of October. You will not be eligible for the extended tax deadline if you have not submitted a return for either of the two years before the current one. 15 January 2024 The due date for filing tax returns for the 2023 fiscal year has been extended to January 15, 2024, for medium to large trusts with an annual income of more than $10 million in the most recent year for which they were required to file. 28 February 2024 This is the deadline by which medium to large trusts that are not taxable but have an annual income of more than $10 million in the most recent year for which their tax returns were lodged are required to submit their tax returns. Additionally, new registrations for big to medium trusts are expected to be submitted. 31 March 2024

5. Individuals and trusts that had a tax liability of $20,000 or more as a result of their most recent return are required to file tax returns by the due date. Read also: Maximising Your Tax Refund: Tips For Your Individual Tax Return Installment/Business Activity Statement (IAS/BAS) While some companies submit their business activity statements (BAS) every quarter, others submit their installment activity statements (IAS) every month, while still, others provide both types of statements. Even the information that must be included on an IAS by a company might vary based on its size and the circumstances of its operations. The following are synapses that outline the functions and goals of the BAS and IAS reports, respectively. What is a “Business Activity Statement”? A BAS is a form that is used to record and pay the GST and PAYG withholding liabilities that are owed by an organization for the period. In addition to that, it will incorporate pay-as-you-go income tax installments and pay-as-you-go instalments for fringe benefits tax when appropriate. This enables companies

6. to avoid incurring significant costs all at once after the financial year by spreading out the payment of their accumulated liabilities during the year. Your company is required to submit a BAS report every three months if its annual GST turnover is less than $20 million, and every month if its annual GST turnover is more than $20 million. On the form for the monthly BAS, the date by which payments are due is shown to be within 21 days of the end of the month. For quarterly BAS the due date for payments is: ● Quarter July – September: Due 28 October ● Quarter October – December: Due 28 February ● Quarter January – March: Due 28 April ● Quarter April – June: Due 28 July

7. What is an “Instalment Activity Statement” (IAS)? For businesses that are not subject to the Goods and Services Tax (GST), an IAS fills the role of a BAS. It is used to record and pay PAYG withholdings from employees, PAYG income tax instalments, and fringe benefits tax instalments if they are required to be paid. Companies that are registered for GST may also be obliged to report on the IAS. However, because these enterprises are deemed medium withholders (having withheld more than $25,000 annually), they are also expected to record and pay their PAYG withholding monthly using the IAS in addition to their quarterly BAS responsibilities.

8. IAS I and IAS J are the two most prevalent types of individual assessment statements. IAS I reports only PAYG withholding, whereas IAS J reports PAYG withholding, PAYG income installment, and FBT installment. Tips on how you can best prepare for your BAS or IAS during this quarter: Everything, including your accounting software, should be up to date, and all of your bank feeds should be imported, allocated, and reconciled. If you are handling the completion of the BAS on your own, you must print off your accounting reports weekly. If your BAS was due immediately, you should now have a good sense of how much you’d have to spend to get it taken care of. Check to see that the bank account associated with your company has sufficient cash to cover the BAS payment. After you have printed off your BAS reports, you should then create a profit and loss statement so that you can see how much money has been made in the current week (or month) up to this point. When do you need to register for GST(Goods and Services Tax) According to the Australian Taxation Office (ATO), you are required to register for GST once the turnover of your firm reaches or surpasses $75,000. You are also required to register for GST: ● If your annual revenue with a non-profit organization is greater than $150,000.

9. ● if you want to submit a claim for your company to get gas tax credits. ● If you operate a passenger service, such as a taxi or limousine, or if you provide ride-sourcing services, such as Uber. ● If you intend to launch a new company and anticipate that your annual turnover will be at least $75,000 within the first year of operation. If none of the situations described above apply to your present firm, then registering for GST is optional. A company’s GST turnover can be calculated by adding all of the money that enters and exits the company, subtracting any expenses or debts, and multiplying the result by 100. This could include sales, fees, rent, capital investments, and anything else that you use for your business. Additionally, this could also have anything else that you use for your business. Examine both your present and your anticipated (predicted) levels of GST turnover to determine whether or not you will meet the threshold of $75,000 required to register for GST. If the turnover for this month plus the previous 11 months (or the 11 months that are still to come), combined, reaches or exceeds $75,000, you are required to pay the GST. Reporting GST To submit all of your quarterly business tax requirements and entitlements, you will need to use business activity statement. In your business activity

10. statement (BAS), you are required to disclose not only the pay-as-you-go (PAYG) instalments you have made but also the withholding tax that has been deducted from your pay-as-you-go (PAYG) instalments. Firms that have an annual revenue of more than $20 million are required to file a BAS monthly. Other firms, however, have the option of doing so as well if they so want (for example, if there are cash flow advantages to your organisation). If not, the BAS forms have to be turned in every three months. You have until the 28th day of the month that follows the end of the financial quarter (September 28, December 28, March 28, and June 28) to submit your BAS. The financial quarters end in September, December, March, and June. If you want to lodge your return monthly, you have until the 21st day after the end of each month to submit your BAS. Conclusion

11. Filling out your tax returns might indeed be stressful, but with some forethought, you can breeze through it. It will go more smoothly if you have appropriate funds in your business bank account and ensure all of your information is up to date and reconciled. If you keep track of your income and expenditures, you may assess your financial situation and avoid any unpleasant shocks when it comes time to submit your BAS. All Australians have no reason to fear when it comes to filing their taxes because The Kalculators is always available to help. Feel free to reach out to us if you’re struggling to get ready for your forthcoming BAS or IAS. Our expert tax preparers are committed to helping you avoid trouble with the tax authorities and any associated fines. If you need help completing your tax returns and anything related to it, please get in touch with us.