- aerogroup
- March 25, 2021
- 6:40 am
The tax season has come and gone.
If you have missed the tax deadline and not applied for an extension, it is important to take action and get your tax returns up to date.
When is the tax deadline?
A tax return covers one financial year, which is the period from 1 July to 30 June.
Your tax return should be lodged by 31 October of that year. If 31 October falls on a weekend, the due date will be the next business day after 31 October.
What are the consequences if you miss the tax deadline?
If you are registered with a tax agent, there may be special arrangements for the tax agent to help you lodge your returns later than 31 October. You should contact your tax agent to confirm this with them.
If you are not registered with a tax agent, you are still encouraged to prepare your tax return and lodge it as soon as possible even if you miss the deadline. A late lodgement penalty may be incurred if you continue to delay your tax return. If you submit your tax return any later than 21 November, interest will be charged on top of the penalty.
What actions should you take if you have missed the tax deadline?
Work out a payment plan with the ATO
If you are having difficulties surrounding the amount payable, you should be transparent and discuss this with the ATO. They may be able to work out a payment plan that is tailored to your circumstances if you contact them early.
Make sure the ATO can reach you
The ATO may attempt to contact you if you are late in lodging your tax return. Avoiding their attempts to contact you will not do you any favours, and may lead to further action by the ATO.
Make sure to keep in regular contact with the ATO and keep them updated on your situation to avoid any complications.
Extend your lodgement through an accountant
If you decide to lodge your tax return through an accountant, you may be eligible for a lodgement extension.
However, your eligibility is up to the ATO’s discretion and dependent on your previous lodgement history, so you should discuss these details with your accountant and make sure they are well-informed.
We’re here to help
Missing your tax deadline can be a stressful experience for any individual. If you are having trouble with this, we are confident in our ability to help you sort this out.
We can be the middleman between you and the ATO while working out the best arrangements for you.
For any inquiries, contact us now at 02 7208 5065 or info@aerogroup.com.au
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