The end of financial year is almost here, which means a lot of Australians are turning attention to their tax return as a way to get a welcome boost to their hip pocket amid the cost of living crisis.
There are a few key dates to be aware of before you start preparing your return, from the end of financial year to the submission deadline – which isn't actually the same for everyone.
This is what you need to know.
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When is the end of the financial year and when can I submit my tax return?
The financial year ends on June 30, and you can submit a tax return from the start of the next financial year, which starts on July 1.
However, while you can theoretically submit your return straight away, the Australian Tax Office (ATO) wants you to instead wait until late July.
This is because the ATO will pre-fill a range of information into your return for you – but it just takes them a few weeks to collect that data.
Trying to fill everything out yourself before the agency does that could mean your tax return actually takes longer to come back than if you wait.
"While you can lodge from July 1, there is a much higher chance that your return will be missing important information if you lodge your return before late July," ATO Assistant Commissioner Tim Loh said.
"If you forget to include everything, it will slow down the progress of your return, and you'll likely end up with more work to do down the track.
"No one likes life admin, and we want to help save you some where we can.
"If you have simple affairs, by waiting a few more weeks until all your information is pre-filled into your tax return, you'll save yourself extra work and worry by getting it right the first time."
READ MORE: Why you shouldn't lodge your tax return early
When is the tax return deadline?
If you are lodging your own tax return, you have to submit it by October 31, 2023.
This is a strict deadline, and if you don't meet it, you could be fined hundreds of dollars.
However, if you have a registered tax agent, you'll have until after the self-lodgment deadline to submit your return, but you will need to officially engage the agent by October 31.
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How long does it take to get a tax return refund back?
Again, it depends.
If you lodge a tax return online using the myTax website, the ATO says it will likely take up to two weeks to receive your refund.
However, if you instead want to file a paper tax return by posting it to the ATO, you're in for a longer wait; the tax office will process your refund within 10 weeks.
When is my tax bill due?
If, instead of being owed a refund, you owe the ATO a bill, you're going to have to send them the outstanding tax.
This has to be paid in full by November 21, 2023 – even if you miss the lodgement deadline.
Interest will apply to any outstanding amount that isn't paid by November 21.
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The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.
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