As an entrepreneur in Austria, navigating the complex world of taxes is crucial to your business’s success. Staying on top of deadlines not only helps you avoid penalties but also ensures smooth financial operations. Below, we explore key tax submissions and important information for entrepreneurs to remain compliant and well-informed.
Key Tax Deadlines
Each year, it’s essential to file your annual tax returns, including income, turnover, and corporate taxes, along with declarations for partnerships and community associations. The standard deadline for these submissions is typically set for April 30 of the following year.
However, if you’re submitting electronically via FinanzOnline, you may benefit from an extended deadline until June 30. Should you require more time, the tax office may grant extensions upon a reasoned application, which can also be submitted electronically.
For those who are represented by a professional or an eligible audit association, more time may be allowable through an automation-based quota regulation.
Electronic Filing
It is important to note that tax declarations should generally be submitted electronically. If you lack the necessary technical resources—such as an internet connection—you may resort to official paper forms.
Additionally, those taxpayers with a previous year’s turnover below €35,000 may file their tax returns on paper. Failure to meet the filing deadline can result in a surcharge of up to 10% of the due amount if the delay is deemed unreasonable.
Wage Slip Requirements
As an employer, you are required to submit payroll information electronically to the tax office by the end of February of the following year using the ELDA system.
If technical issues hinder this process, a paper wage slip, known as Form L 16, must be submitted by the end of January.
If corrections are needed after submission, a revised payroll slip should be sent to the employer’s tax office within two weeks of discovering the error.
Although employees may request a pay slip, they aren’t required to submit it with their tax declaration, as the tax office already receives this information.
Payment Details
According to the BAO, the general payment period for tax obligations is one month from the date of the notification, which usually begins from the postal delivery date or availability online through FinanzOnline.
For additional claims arising from income or corporate taxes, interest accrues at a rate of 2% above the base interest rate. If payments are made before the due date of October 1 of the following year, you can avoid additional interest.
Claims interest not exceeding €50 is not subject to assessment. Conversely, should the levy be less than the advance payments made, you will receive interest on the credit. It’s important to remember that while credit interest is taxable, claim interest is not deductible.
Tax Day: Mark Your Calendar
The 15th of each month serves as a key date for many tax obligations. Make sure to track your responsibilities effectively to avoid any last-minute hiccups.
By remaining vigilant about tax deadlines and requirements, you can ensure your business stays compliant and thrives.
