In Australia, the due for tax returns is usually scheduled to be on every 31st of October and the financial year usually runs from 1st July to 30th June. In US the due for tax returns is different and its fiscal year is usually from 1st October to 30th September. There are due date extensions in Australia so that people are able to pay their taxes without necessarily being punished for paying late.
The due date extensions are usually intended for those who pay their taxes through tax agents and these taxes are paid through electronic or post method using the ATO e-Tax software. The Australian Tax office plays a veryvital role for the Australian Government because it assists the government in collecting revenue and in fact it is the principal tax collection body In Australia.
Sometimes it can be difficult to understand the tax system in Australia because it is quite complicated. It is difficult in Australia for most people to prepare their own tax returns hence the need to look for tax agents who have experience and expertise in preparing them. It is around 80 % of people in Australia who hire these services and that is the reason why there are due tax extensions. It is a requirement for any business in Australia whether small or big to settle its taxes to the Government because failure to do so attracts a penalty of a certain percentage depending on your tax.
Taxes can be local, federal or even of state level. The role of these taxes is to cover certain things in the public service delivery including hospital system and road maintenance. Australia has a very strong tax law with stringent requirements governing tax returns and tax refund. The way returns are submitted differ from one country or continent to the other and in Australia they are submitted …Read More