Tax returns are due on 31 October and cover one financial year, which is 1 July to 30 June.
Regardless of how far away the tax return deadline is from when you are reading this, it is important to have your documents sorted as early as possible.
Late tax returns will lead to all sorts of complications that can be easily avoided.
What happens if your tax return is already overdue?
Thankfully, there are still solutions to getting your tax return sorted even if you have missed the deadline.
If you are registered with a tax agent, you should discuss potential special arrangements for them to help you lodge the returns after 31 October. Contact your tax agent to see if they can do this for you.
If you are not registered with a tax agent, you should still prepare everything you need to lodge your tax return as soon as you can, even if you lodge it after 31 October.
You will likely be charged with a late lodgement penalty if you miss the deadline, but delaying your lodgement will increase your penalty. If you lodge your tax return after 21 November, you will be charged with interest on top of the penalty.
What can you do to reduce the consequences of missing the deadline?
1. Arrange a payment plan with the ATO
The penalty charges can be quite hefty, especially if you are charged with interest as well.
Fortunately, the ATO has solutions for taxpayers who have trouble covering these expenses.
Contact the ATO early to see if you can work out a payment plan with them that is tailored to your personal circumstances.
2. Update your contact information
If you are late in lodging your tax return, the ATO may try to reach out to you to see if they can help you.
Never avoid their attempts to contact you as this may worsen your circumstances.
Make sure that your contact information with the ATO is up to date so that things move as smoothly as possible.
3. Extend your lodgement deadline
If you lodge your tax return through an accountant, they may be able to assist you in extending your lodgement deadline.
Your eligibility for an extension is the ATO’s decision and is dependent on your lodgement history and any of the records that the ATO possesses.
You should discuss this possibility with your accountant and make sure that they are aware of your current situation as well as your history.
We understand how stressful it is to miss the tax return deadline. If you are having trouble with lodging your tax return, we are confident in our ability to help you get it done.
Trust us to be the middleman between you and the ATO while we work out the best arrangements for you.
For any inquiries, contact us now at 02 7208 5065 or email@example.com