A legislative instrument setting out the requirements to lodge income tax returns for the 2017/18 income year has been registered.

The Notice of Requirement to Lodge a Return for the Year of Income Ended 30 June 2018 sets out lodgment of returns for the year of income ended 30 June 2018 consistent with ITAA 1936, ITAA 1997, the Income Tax (Transitional Provisions) Act 1997, TAA 1953, SISA, the Higher Education Support Act 2003 (HESA) and the Trade Support Loans Act 2014 (TSLA). It was registered on the Federal Register of Legislative Instruments as F2018L00620 on 16 May 2018.

Lodgment of returns

In particular, the instrument sets out that a person as described is required to lodge an annual return and also provides the respective due dates for lodgment.

A “person” includes a partner of a partnership, including a foreign hybrid as defined in Div 830 of ITAA 1997, a trustee of a trust estate, a company as well as a trustee of a public trading trust, approved deposit fund, superannuation fund, pooled superannuation trust or corporate limited partnership that is treated as a company by virtue of the provisions of Div 5A of Pt III of ITAA 1936.

The reference to “year of income” or “income year” is the year ended 30 June 2018 or the approved period in lieu for the person adopting a substituted accounting period.

The instrument lists all of the persons required to lodge the various returns, as well as those excluded, such as subsidiary members of consolidated or MEC groups as well as exempt entities or non-profits whose taxable income does not exceed $416.

Time for lodgment

Every person required to lodge a tax return (except those that are liable as agents for non-resident insurers and reinsurers, masters of ships and agents in Australia of the owners or charterers and persons having control of a non-resident’s money) whose year of income ends on 30 June 2018 must do so by 31 October 2018.

Persons with approved substituted accounting periods (except those that are liable as agents for non-resident insurers and reinsurers, masters of ships and agents in Australia of the owners or charterers and persons having control of a non-resident’s money) that are required to lodge a tax return must do so by the 15th day of the seventh month after the end of their income year if they are full self-assessment taxpayers. If they are not full self-assessment taxpayers, they must lodge their returns no later than four months after the close of the substituted period.

Persons and full self-assessment taxpayers that are liable as agents for non-resident insurers and reinsurers, masters of ships and agents in Australia of the owners or charterers, or persons having control of a non-resident’s money must lodge by the first day of the sixth month of the following income year.

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