How to lodge and pay

How to lodge

The only postal address for lodgment of this tax return is:

Australian Taxation Office
GPO Box 9845
IN YOUR CAPITAL CITY

The address must appear as shown above.

You send with the tax return only the following schedules if required:

• Capital gains tax (CGT) schedule 2020 (NAT 3423)
• Losses schedule 2020 (NAT 3425)
• Non-individual PAYG payment summary schedule 2020 (NAT 3422)
• any elections required by Taxation Ruling IT 2624 Income tax: company self-assessment; elections and other notifications; additional (penalty) tax; false or misleading statement.

You may have to complete other schedules or documents which you keep with your fund's tax records and do not send with the tax return. These schedules or documents are described further at Record keeping requirements.

If you do not lodge the schedule with the income tax return, you are required to sign and date the schedule as required.

Lodgment due date

The requirement to lodge a tax return and the due date for lodging the return (including any relevant statements and schedules) is set out in the legislative instrument for the lodgment of returns, which is registered on the Federal Register of LegislationExternal Link.

For funds with an income year ending on 30 June 2020, the due date for lodgment is 31 October 2020. The Commissioner may allow later lodgment dates that are published on Reporting and lodgment dates.

If the fund has a substituted accounting period, see also Substituted accounting periods.

If you do not lodge the fund’s tax return along with all the required information and schedules by the due date, a penalty for failing to lodge on time may apply. A general interest charge (GIC) will begin to accrue from the due date for payment on any amount that is due until the amount is paid in full. See Penalties and interest charges.

You must also keep records so that, if required, we can verify the information you reported on the tax return; see Record keeping requirements.

Do not attach any payments to the tax return; see How to pay.

How to pay

We offer you a range of convenient payment options, both in Australia and overseas.

For more information, see How to pay.

Your payment needs to reach us on or before its due date. Payments made electronically or at Australia Post may take up to 4 business days, from the date you make the payment, to appear on your ATO account.

Penalties and interest charges

The law imposes penalties on the trustee of a fund for:

• failing to lodge the tax return on time and in the approved form
• having a shortfall amount for underreporting a liability or over-claiming a credit that is caused by taking a position that is not reasonably arguable
• making a false or misleading statement about a tax-related matter even if there is no shortfall amount
• failing to provide a tax return from which the Commissioner of Taxation can determine a liability
• obtaining a scheme benefit.

Knowingly answering a question incorrectly will result in a higher penalty than answering carelessly. Fund trustees have ultimate responsibility for the fund, regardless of whether or not the trustees use professional services such as administration providers, tax agents or other financial advisers.

False or misleading statement penalties will not apply if:

• the trustees of the fund (and their agent if applicable) made a mistake and they took reasonable care in connection with making the statement, or
• the trustees of the fund gave their registered tax agent all relevant taxation information, and the agent makes a false or misleading statement due to a lack of reasonable care by the agent.

The trustee of a fund is liable for general interest charge (GIC) if:

• tax, penalties, or shortfall interest charges (SIC) remain unpaid after the due date for payment, or
• a variation of a pay as you go (PAYG) instalment rate or amount is less than 85% of the rate or amount that would have covered the fund’s actual liability for the year.

The trustee of a fund is liable for the SIC if the fund’s income tax assessment is amended to increase their liability. Generally, the SIC accrues on the extra tax payable from the due date of the original assessment until the day before the assessment is amended.

Part year or approved substitute period

If the tax return is for part of an income year, show the dates for that period.

If, with the leave of the Commissioner, a fund adopts an accounting period being the twelve months ending on some date other than 30 June, show the dates for the approved substitute period.

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