- aerogroup
- April 28, 2021
- 7:34 am
- No Comments
Missed the tax deadline this year?
Not to worry! There are ways to rectify the situation and we can help you get a hang of your tax returns.
The good news is it’s not too late to lodge your tax returns. Missing the tax deadline is more common than you would expect as people get caught up with problems that arise in daily life.
That being said, it would be a good idea to get your tax return in order as soon as you are aware that you are coming close to the deadline or if you have missed it.
Will I be fined?
The Australian Taxation Office (ATO) may apply a failure to lodge (FTL) on time penalty if you miss the tax deadline.
The penalty will differ according to the size of the entity in question.
Size | Definition | Penalty |
Small entity | Assessable income up to $1 million | The penalty fee is calculated at the rate of one penalty unit for each period of 28 days or part thereof that the tax return is overdue, and will go up to a maximum of 5 penalty units |
Medium entity | Assessable income between $1 million and $20 million | 2 x small entity penalty |
Large entity | Assessable income of $20 million or more | 5 x small entity penalty |
What happens if I receive a penalty notice?
If you receive a penalty notice for late lodgement, you can request for it to be remitted in full or in part, depending on what your circumstances are for not lodging your tax return on time.
Be sure to communicate openly with the ATO as they are generally quite understanding about taxpayers’ situations. If your case of late lodgement is an isolated incident, they may not apply penalties.
For more information on FTL penalties, visit the ATO website.
Need assistance?
The team at Aero Group is experienced in tax for both individuals and SMEs, and we are certain that we will be able to solve any tax issues you may have.
It is certainly distressing to miss your tax deadline. We can ease your stress by contacting the ATO on your behalf to check the status of your lodgement and any penalties that may have been applied.
If your late lodgement results in a tax refund, the fees for our services can be deducted directly from the refund.
To make an appointment for tax assistance, simply give us a call at 02 7208 5065 or contact us on our website.
Tax Strategies for SMEs in Australia
Cash Flow Choreography: 8 Tax Strategies for SMEs in Australia...
Read More
Your guide to taxes as a self-employed business maverick
Unraveling the Tax Maze: A Thrilling Journey into Self-Employment Taxes...
Read More
Navigating the Employee vs. Contractor Dilemma in Australia’s Tax Arena
Navigating the Employee vs. Contractor Dilemma in Australia’s Tax Arena...
Read More
Unleash Your Tax Roadster: Turbocharge Business Vehicle Deductions in Line with Australia’s ATO Regulations!
Unleash Your Tax Roadster: Turbocharge Business Vehicle Deductions in Line...
Read More