For most businesses, October 31 isn’t just about trick or treating and scary movies. It’s also the deadline for income tax.
So which business situations does this lodgment deadline apply to?
- Individual, partnership and trust income tax returns (unless an approved SAP or a later lodgment date has been granted).
- Lodgment of income tax returns for trusts that were medium to large business clients in the last year they lodged and have at least one year’s returns overdue as at 30 June 2013.
- Lodgment of income tax returns for Trusts where the 2012 income tax return was not lodged on time.
Naturally, those businesses that use a substituted accounting period aren’t included in this deadline.
Don’t be spooked out by tax deadlines. Having one regular bookkeeper is a handy idea. It means your income tax returns and Annual Financial Statements can be prepared easily, since your bookkeeper already has your Business Activity Statements and other important data on hand. For the busy business owner, this equals less cost and hassle since everything is prepared for you to take to your accountant.
Only registered tax agents can charge fees to prepare tax returns and many of them have special lodgment schedules so they can submit clients’ returns later than the October 31 deadline. But if you aren’t seeing the same tax agent you used last year, be sure to see your agent before the October 31 deadline.
If you haven’t already done so, get in touch with your local First Class Accounts bookkeeper to help you prepare for a not-so-scary October 31.