Tax - When Is The Latest To Pay It?

[Dingoe]

If you go to a registered tax agent, it will be due mid May 2011. If you do it yourself, end of october.

 

[HigginsHawk]

Must be on the agents list by Oct 31 though. You can't go there next year and expect to be added and still get the concession.

Also be aware that you will probably receive a notice for PAYG for 2011 tax at about the same time.

If you have the money put aside, say on your mortgage, then keep it there by all means.

 

[HigginsHawk]

Your tax agent needs to lodge a client update form with the ATO before Oct 31 so you qualify for the extension. You shouldn't need to make an appointment for that with most agents. If you choose to lodge by yourself then the extension no longer applies and you will be deemed to be a late lodger, potentially subject to a late lodgement penalty and interest. The late lodgement extension is a concession given to the agent rather than the taxpayer as it allows them to spread their workload throughout the year.

Most tax agents are happy to prepare the return at any time but hold off on loding it until later on. For me, this would be the way to go as you at least can budget on the exact amount you need to pay.

 

[SriLankanCat]

November 21... is when u pay.

Oct 31 is when the return is due.

However if u have an accountant you haev until May to lodge, not sure when u have to pay, maybe 3 week after ur NOA i think

 

[bigburger]

November 21... is when u pay.

Oct 31 is when the return is due.

However if u have an accountant you haev until May to lodge, not sure when u have to pay, maybe 3 week after ur NOA i think

Usually payment date and lodgement date is the same when done through a tax agent.

If you take your work in now and just ask your accountant to hold it for lodgement so you know what kind of tax you'll be paying then that would be the best course of action imo.

 

[NitroFan]

While we're on the subject, what share paperwork do you need to take to an accountant?

Would the tax invoices CommSec email you be enough?

 

[Dingoe]

just bring in anything that shows all dividends received.

if you have sold shares bring in the buy price, sale price and dates.

 

[SriLankanCat]

With Etax it automatically prefills info on Dividends and so on. Im sure that ur accountant will have something that will prefill dividends but still give them any documentation u have, if im correct whoeever u have shares with should send u a summary for tax purposes