Did you know that working with an accountant on your tax return means you get specialist advice – and also more time to lodge your return?
If you’re an individual lodging your own tax return for the previous financial year (1 July – 30 June), it must be lodged by 31 October. However, if you use an accountant to lodge your tax return, and you’ve advised the Australian Taxation Office (ATO) of this prior to 31 October, that deadline is extended.
With an accountant lodging your tax return, in most cases, the due date will be 15 May of the year following the end of the current financial year. That is, a 2021-22 tax return must be submitted by 15 May 2023 if your accountant is lodging your return on your behalf.
What about Business Activity Statements?
If you’re an athlete with an Australian Business Number (ABN) and you’re registered for GST you are required to submit Business Activity Statements (BAS). Working with an accountant means you also get more time to lodge your quarterly BAS, and of course they can submit your BAS on your behalf.
If you are lodging your own quarterly BAS, you get a month after the end of each financial quarter to submit your BAS. However, if you use an account to manage and lodge your quarterly BAS, you get an extra month each quarter to compile and submit your BAS.
Why should professional athletes work with an accountant?
Elite athletes work with a team of professionals to ensure they can perform at their best on the field. Likewise, it’s worth considering working with a tax and wealth management specialist to help you better understand, grow and protect your wealth.
Archer Sports Advisory offers a range of bespoke wealth management services to high-net-worth athletes and their families. As specialist advisors to professional athletes, we partner with our clients as trusted advisors, guiding them through the opportunities and challenges elite sportspeople face. From taxation to financing, asset and wealth protection, estate planning and accounting, we work hard to secure your wealth and ensure your sports career translates into a strong financial future.
Whilst every effort has been made to provide valuable, useful information in this guide, Archer Sports and any related associated entities accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances. This is intended as general information only.
About the Author: Tim Pullman
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