Due to COVID-19 and unforeseen financial circumstances, the ATO has announced a series of lodgement deferral dates available for tax returns, fringe benefits tax returns, monthly and quarterly BAS, annual GST returns, PAYG summary annual reports and taxable payment annual reports.
Lodgement deferrals extend the due date for lodgement of a document without incurring a failure to lodge on time (FTL) penalty. To request for a lodgement deferral, simply complete an online application and lodge through online services provided by the ATO. The ATO will then assess and approve your requests within a 28-day period.
The extended lodgement dates for particular lodgements are listed below:
- Income tax 2018-2019 returns: 5 June 2020
- Fringe benefits tax 2019-2020 returns: 25 June 2020
- SMSF 2018-2019 annual returns: 30 June 2020
To request for a lodgement deferral for business activity statements, annual GST returns, PAYG summary annual reports and taxable payment reports, the ATO encourages businesses and employers to contact their tax or BAS agent to confirm their lodgement due dates and to submit requests as due dates are determined on a case-by-case basis.
While deferring a lodgement may be beneficial in the long term, it is still important to keep in mind your tax liability and how deferring lodgements may affect your cash flow options in the long term. Always discuss your options with a financial advisor or accountant before deferring your taxes as you may accrue more debt than expected otherwise.