Don’t forget, the deadline when tax returns must be lodged with the Australian Taxation Office is 31 October 2011.
You can lodge after the deadline with a registered tax agent, but you have to remember to register as a client with that tax agent before 31 October in order to lodge after the deadline. Make sure to contact your agent before 31 October to qualify for their later lodgement date.
Another useful tip to remember is that your tax return covers the financial year, NOT the calendar year. The financial year runs from 1 July to 30 June of the following year, and then you have from 1 July to 31 October to lodge your return. So by this upcoming deadline, 31 October 2011, you need to lodge your tax return 2011, which covers the financial year 1 July 2010 – 30 June 2011. Also useful to note is that you can lodge your tax returns before the end of the year, but only if you definitely know your income and are leaving Australia permanently.
In this era of globalization, lodging taxes has become even more complicated, so it’s useful to note who has to report what. For all of you Australian residents with a global business reach, when tax returns are lodged you are required to report your worldwide income to the ATO. And if you are a foreign resident, you only need to lodge a tax return if you have income taxable in Australia. This does not include income from which non-resident withholding tax has been deducted.
If you find that you can’t lodge by 31 October or the lodgement date of your tax agent, don’t panic. Phone the Australian Taxation Office right away at 13 28 61 to see if you can arrange to lodge at a later date. Try to avoid lodging an incomplete tax return, as your tax return is only considered lodged on the date that the ATO gets your completed form. When tax returns are sent in incomplete, the ATO very well may send it back to you to complete, and then it will only be considered lodged when they receive the newly completed form. So don’t rush to turn in an incomplete form before the deadline. Read the rest of this entry »