When do I have to lodge my tax return?

The lodgement due date for tax payers without Tax Agents is the 31st October of the applicable financial year. If the tax payer is registered with a Tax Agent, then if there are no outstanding prior year returns, the lodgement date will be the 15th May of the year following the close of the previous tax year. eg. Financial Year 30th June 2014, Lodgement date would be 15th May 2015.

Any lodgement after that date ‘may’ result in the Tax Office imposition of a late lodgement fine.

Is the fee I pay to my Tax Agent, tax deductible?

Yes.

How long does it take the Tax Office to process my return?

If the return is lodged electronically, your tax return is processed generally in approximately 7 working days. The Tax Office no longer issue refund cheques, your tax refund will be electronically transferred (EFT) to your nominated financial institution account.

If I no longer need to lodge a Tax Return, do I need to advise the Tax Office?

Yes, your Tax Agent can make this process very simple by lodging a notification directly with the Tax Office, electronically.

How long do I have to keep all of my original receipts and/or other relevant documentation applicable to each lodged tax return?

It is your responsibility to retain all original documents evidencing transactions that have been recorded by you for a minimum of 5 years.

If I am self-employed, do I need to withhold monies to pay tax on my earnings?

Yes, you should discuss this matter with your Tax Agent. Failure to withhold monies may result in a large tax liability and place an unnecessary financial burden on you to repay the debt.