Tax Return lodgement date

If your accountant is lodging your 2018 personal tax return and you are expecting to have to pay tax after lodgement, is it best to lodge on the latest date possible, eg. 15th May or if you lodge it now it won't make a difference? I believe on the 5th June is when the tax payable will be due either way, is that right?

 

Depends on the taxpayer. Some will not benefit from a deferred lodgement but its just days.
Some taxpayers arent eligible for 15th May and others could even benefit from lodgement after 15th May BUT may need to pay before 5th June

If you can work this out let me know

Concessional date
Lodgment date

Entity description

5 June 2019

Tax return for entities who were non-taxable or received a credit assessment in the latest year lodged, and are actually non-taxable or receiving a credit assessment in the current year (unless due earlier) – all entities with a lodgment due date of 15 May 2019 except large/medium taxpayers or head companies of consolidated groups.

Tax return for individuals, partnerships and trusts with a lodgment due date of 15 May 2019, provided payment is also made by this date.

Note: This is not a lodgment due date, but a concessional arrangement where penalties will be waived if lodgment and payment are made by this date

Payment of individual and trust tax returns due 15 May 2019 only
Staggered payment date arrangements exist for individual and trust clients whose tax returns have a lodgment due date of 15 May 2019. Your client’s payment due date will depend on when their tax return is lodged and processed. If the tax return is lodged:

• up to and including 12 February 2019, the payment date is 21 March 2019
• from 13 February 2019 to 12 March 2019 (inclusive), the payment date is 21 April 2019
• from 13 March 2019, the payment date is 5 June 2019.

The payment dates above are the earliest possible due dates for payment of tax and provide at least two weeks for processing. If processing of a tax return takes longer than this, the actual due date for payment on the notice of assessment will be later than the dates indicated above.

Payment of individual and trust tax returns with a due date other than 15 May 2019
Due dates for payment of individual and trust income tax assessments when tax returns must be lodged by any date other than 15 May 2019
If…

then…

the tax return is lodged on or before the lodgment due date

payment will be due on the later of 21 days after the:

• relevant lodgment due date, or
• notice of assessment is deemed received (which is three days after issue)

the tax return is lodged late

any tax is payable 21 days after the due date for lodgment.

the tax return is not lodged at all and a default assessment is issued

any tax is payable 21 days after the due date for lodgment.

 

They don't make it easy to understand and figure it all out, do they? lol... Ok thanks for the info Paul

 

I plan to pay few days prior making sure the funds are cleared and received by ATO within due date....why pay early, you have less cash-flow, may trigger future tax increases via increased PAYGs, again affects cash-flow).