Mark your calendar. The Australian Financial Year Runs from 1 July to 30 June.
The Australian financial year dates can easily be confused with the Australian tax season dates. The financial year date ends on 30 June.
It’s good to keep in mind that during the Australian tax season, you’ll report the income you earned throughout the financial year.
Still unsure of the dates? We’re here to help.
Financial Year & Tax Season Dates
Here’s what you’ll need to know.
2013-2014 Financial Year: 1 July, 2013 – 30 June, 2014
2014-2015 Financial Year: 1 July, 2014 – 30 June, 2015
2015-2016 Financial Year: 1 July, 2015 – 30 June, 2016
2016-2017 Financial Year: 1 July, 2016 – 30 June, 2017
2017-2018 Financial Year: 1 July, 2017 – 30 June, 2018
2018-2019 Financial Year: 1 July, 2018 – 30 June, 2019
Each year, the tax season starts on 1 July and ends on 31 October. During that tax season, you’ll report income earned during the financial year date.
2014 Tax Season: 1 July, 2014 – 31 October, 2014
2015 Tax Season: 1 July, 2015 – 31 October, 2015
2016 Tax Season: 1 July, 2016 – 31 October, 2016
2017 Tax Season: 1 July, 2017 – 31 October, 2017
2018 Tax Season: 1 July, 2018 – 31 October, 2018
2019 Tax Season: 1 July, 2019 – 31 October, 2019
What Financial Year are We Currently In?
At the moment, we are in the 2018-2019 financial year. In other words, the income you’re currently earning will be reported on your 2019 tax return.
When Does Tax Season End?
Each tax season ends on 31 October. That means you have until 31 October of each tax year to lodge a tax return on time. For example, when the 2019 tax season approaches, you have until 31 October, 2019 to lodge your tax return on time.
Can I Report My Income Earned Earlier?
Planning ahead? The ATO instructs you to indicate the year you’re lodging by marking it in bold on the front of your individual tax return. For instance, if you are using your individual tax return instructions for 2018 to complete your return for the 2018–19 income year, you simply cross out the 2018 and mark the tax return 2019.
But wait, if you’re eager to lodge a 2019 tax return early, you will need to fall within either of the following groups;
1) You are a foreign resident for tax purposes (an Australian nonresident) and you
- are leaving Australia permanently, and
- will no longer derive Australian-sourced income other than interest, dividends, and royalties
2) You are an Australian resident for tax purposes and you
- are leaving Australia
- will cease to be an Australian resident for tax purposes, and
- will no longer derive Australian-sourced income other than interest, dividends, and royalties.
Once you’re done, you’ll need to post your completed tax return to:
Australian Taxation Office
GPO Box 9845
INSERT NAME AND POSTAL CODE OF YOUR CAPITAL CITY
Keep in mind, the typical turnaround that the ATO will process your early lodged return is within 50 days.
Can I still lodge early if none of these apply to me?
The ATO advises that you should lodge during the normal lodgement period of 1 July to 31 October if the following applies to you:
- are not leaving Australia permanently
- will receive Australian-sourced income (other than interest, dividends, and royalties) after leaving Australia
- have a Higher Education Loan Program (HELP) or Trade Support Loan (TSL) debt.
Get your Prior Year Tax Return out of the Way!
Now that you know the tax season and Australian financial year dates, you can add them to your calendar. Did you notice a tax deadline that you missed? With E-Lodge you can complete your return in as little as 10 minutes! You can lodge a previous year tax return for financial years 2006-2018!
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