Tax News

The following extract is from the Australian Tax Office and details when various tax returns are due for lodgement and payment.

Note, if you registered with a tax return, the due date can be extended from 31 October 2011 to 15 May 2012.  If you need to register with a tax agent please contact us.

The Lodgment Program 2011-12 provides details of when, within the 2011-12 financial year, you need to lodge documents with us. The program is structured so you can progressively lodge 2011 income tax returns and other documents throughout the year.

The lodgment program focuses on lodgment requirements and also details when payment is required. The payment due date for an income tax return depends on the following:

• the lodgment due date
• when the return is lodged
• the type of taxpayer.

The Tax Office have relaeased on their website the following details in relation to the preparation of income tax returns. If you require electronic lodgement of your tax return for a speedy refund, please contact us.

From the ATO "In line with our service standards, we plan to process 94% of individual electronic returns within 14 days. Our experience shows that most of the remainder are processed within 30 days. Returns lodged on paper do take longer to process, however we plan to process 80% of these within 42 days.

It is important to note that some income tax returns will take longer to process. For example returns where:

• we require more information from you or need to cross-check information with Centrelink (for example if you have received family tax benefits) or the Child Support Agency
• items on the return need to be manually checked by a tax officer (for example if the name and address on your return does not match our records), or
• the return is identified as being potentially fraudulent or includes overstated claims"