when is tax return 2023 in australia ?

Introduction

As an Australian taxpayer, it is essential to understand the tax return process. Every year, the Australian Taxation Office (ATO) sets a deadline for lodging your tax return. In this article, we will discuss everything you need to know about tax return 2023 in Australia.

When is Tax Return 2023 in Australia?

The tax return deadline for the financial year 2022-23 is May 15, 2023. This means that you have until that date to lodge your tax return for the previous financial year.

What is a Tax Return?

A tax return is a form that you are required to submit to the ATO to report your income, expenses, and other information relevant to your tax obligations. Your tax return is used to calculate your taxable income and determine how much tax you owe or how much refund you are entitled to receive.

Who Needs to Lodge a Tax Return?

Not everyone needs to lodge a tax return. You need to lodge a tax return if any of the following apply to you:

• You earned income during the financial year, and your taxable income is over the tax-free threshold of $18,200.
• You had tax withheld from any income you received during the financial year.
• You were an Australian resident for tax purposes and earned income from overseas.
• You received income from rental properties, dividends, or capital gains.
• You received government payments such as Centrelink payments.

What Information Do You Need to Lodge a Tax Return?

To lodge a tax return, you will need to provide the following information:

• Your Tax File Number (TFN)
• Your income details, including payment summaries from your employer(s)
• Your deduction details, including receipts for work-related expenses
• Details of any government payments you received, such as Centrelink payments
• Details of any interest you earned on savings accounts
• Details of any rental income you received
• Details of any shares or investments you sold

What Happens if You Don’t Lodge Your Tax Return on Time?

If you don’t lodge your tax return on time, you may be subject to penalties and interest charges. The ATO may also take legal action against you to recover any tax owing.

Conclusion:

Lodging a tax return is an important part of being an Australian taxpayer. By understanding the tax return process and deadlines, you can ensure that you meet your obligations and avoid any penalties or legal action from the ATO. The tax return deadline for the financial year 2022-23 is May 15, 2023. Remember to gather all the necessary information and documents before lodging your tax return to ensure accuracy and completeness.