Missing a tax deadline is not only stressful but can set a tax return back and potentially result in fines or legal penalties.
Never miss an important tax date again by adding the following dates to your 2023 calendar.
2023 Key Tax Dates
Tax return lodgement dates vary between individuals, companies, trusts and partnerships.
The key factors that determine an individual or entity’s relevant return date is the amount of their tax liability, entity size and if they lodge their tax return themselves or do so through an accountant.
-
-
January 15
-
-
-
February 28
-
-
-
March 31
-
-
-
May 15
-
-
-
June 30
-
-
-
October 31
-
-
-
December 1
-
How to keep track of income and expenses throughout the year
January 15
Large and medium trusts with an annual total income of more than $10 million in the last year lodged, and were taxable in the latest year, must lodge their previous financial year tax return by 15 January.
Large and medium entities (excluding individuals) whose 2021 tax return was taxable must lodge their tax return by 31 January unless required earlier.
February 28
Large and medium entities including new registrants and new registrant SMSFs (unless required earlier) must lodge their tax returns by this date.
Large and medium trusts with a total income of more than $10 million in the latest year lodged and non-taxable must lodge their tax return by this date.
Large and medium taxpayers whose 2021 return was non-taxable, including entities whose 2021 tax return was made not necessary by 30 June 2022 must lodge their tax return by this date.
Subsidiary members of a consolidated group that exited the consolidated group in the financial year, and new registrants of head companies of consolidated groups must lodge their tax return by this date.
March 31
Individuals, partnerships and trusts (excluding large and medium trusts) with a tax liability greater than $20,000 must lodge their tax return from the previous financial year by this date.
Companies and super funds (excluding large and medium taxpayers) with a total income of more than $2 million in the latest year lodged unless the return was due earlier, must lodge their tax return by this date.
May 15
If an investor lodges their tax return with an accountant, they must lodge their previous financial year’s return by this date.
Although not an official lodgement due date, a concessional arrangement is available where any penalties will be ignored if returns are lodged and paid by June 5. Individuals, partnerships and trusts may be eligible for the 5 June concession date if they meet the Australian Taxation Office’s (ATO) requirements.
Non-profit organisations with a requirement to lodge and which haven’t been allocated an earlier lodgement date must lodge their tax return by this date.
New registrants, excluding large and medium taxpayers, head companies of consolidated groups and SMSFs must also lodge their tax return by this date.
All remaining entities who lodge their return via an accountant must lodge their return by this date.
June 30
The end of the financial year is a key date that should be marked in everyone’s calendar.
Taxable income and expenses are measured in each financial year. Investors are encouraged to pay all the expenses they can before the end of the financial year to get more back in their pockets at tax time.
Where possible, expenses such as interest, insurance, tax depreciation schedules and other ongoing expenses should be pre-paid before this date so that they can also be claimed in the same financial year of payment.
October 31
If an investor is lodging their tax return through the ATO’s online MyTax portal, they must lodge their tax return of the previous financial year by October 31. The same date generally applies to all self-lodged returns including partnerships, self-managed super funds, trusts and sole traders, unless lodged through a registered accountant or otherwise advised.
Entities with one or more prior year tax returns outstanding as of 30 June 2023 and other entities who have been advised to lodge early must lodge their tax return by this date.
Entities prosecuted for non-lodgement of prior year tax returns that have been advised to must lodge their tax return by this date.
December 1
Companies that are not full self-assessment taxpayers must lodge their tax returns by this date.
Are you looking for a new Property Manager who is proactive with your investment? We believe in unsurpassed care in the management of your property by delivering peace of mind and financial security.
Source: BMT Tax Depreciation Quantity Surveyors – Newsletter 28 February 2023