Tax compliance

This depends on various factors. The easiest way to find out is to contact your tax agent directly and they will be able to provide you with the due date directly from the Australian Taxation Office.

There are various due dates, but if you lodge a tax return through a registered tax agent, you have an extension until the 15th of May. If you are not going to lodge through a registered tax agent, then your tax return will be due on the 31st of October.

Once a refundable tax return is lodged, it usually takes the ATO 10 to 14 business days to issue the refund. Your refund will usually be paid straight into your bank account.

As with most things, some hiccups can occur and the time frame could be extended. Some reasons why the refund might be delayed are:

• If you have other lodgement obligations which are late.
• If you have an outstanding debt on any other ATO account.
• If your details entered are incorrect, such as an incorrect bank account.
• If the ATO is doing further data checks on your return.
• If the ATO is cross-checking your return with the Department of Human Services.

If you lodge through a tax agent, they will usually be able to check the status of your return with the ATO, and when the refund is expected to be paid.

It depends. The general rule is that the law requires you to keep any tax records for five years after the tax returns are lodged. For a company, the Corporations Act 2001 requires receipts and records to be kept for seven years. For a superannuation fund, some records may need to be kept for ten years.

However, in addition to this general rule, there are some special rules that relate to record keeping for particular cases.

The types of records to be kept is a broad topic. However it can be summarised into these categories:

• Documents detailing income.
• Documents detailing expenses.
• Asset register with receipts of purchase and sale of assets.
• Receipts for gifts and donations.
• General ledger and general journal records.
• Stock listings.
• Work in progress records.
• Wages and superannuation records.
• ASIC and other regulatory documentation.
• Minutes of meetings and any changes.
• Trust and other deeds.
• Loan and other borrowing records.

Any of the above records that need to be kept must be accompanied by an associated receipt or evidential documentation. Financial records are allowed to be kept as an electronic copy.

If you earned any income during the year, then you will most likely need to lodge a tax return. If you are a non-resident for tax purposes, then you may still need to lodge an Australian tax return if you earned income from a source within Australia.

There are various factors which contribute to whether or not you need to lodge a tax return. The general rule is to assume you need to lodge a return unless you receive professional advice that you don’t need to.