It’s that time of year again when many of us need to start thinking about our tax returns. Lodging a return is required for most income-earners in Australia, and while it can be stressful and complicated, it doesn’t need to be. Being prepared ahead of the deadline can help ensure lodging your return is as easy as possible.
When is the deadline?
The deadline for lodging your return yourself is October 31. Our helpful, professional accountants at Whitson Dawson are here to ensure your return is accurate and reviewed by expert eyes before it’s lodged with the ATO.
If you’re already one of our valued clients, you’re entitled to an extension to March or May of the following calendar year to lodge your return. The length of your extension will depend on your circumstances, but it’s a great way of giving you and our team extra time to make sure things are perfect. If you’re new to us, we recommend sending us your information as soon as you can to make sure we meet the deadlines.
What happens if you miss the deadline?
In some cases, you might miss the deadline. You may have been overseas or sick, and unable to lodge the return yourself. Perhaps you lodged your claim and it wasn’t received by the ATO. Or maybe you just forgot. Missing the deadline can happen and it may have consequences. You might need to pay a penalty for late lodgement, which equates to $222 for the first 28 days after October 21 and increases by $222 after each following 28-day period. The maximum you could pay for late lodgement is $1,110.
If you have missed the deadline, it’s crucial you contact the ATO as soon as possible. If there’s any documentation to prove why your submission is late, make sure you have it with you as it could decrease the penalty you’ll pay. Lodging your tax return as soon as you can will help avoid further expenses.
If you have an outstanding return from a past financial year, you won’t be able to use the extended deadline offered by tax agents and accountants, even if you’re already using these services. That’s why it’s important to get your returns done on time. If you’re missing information from previous years, our accountants will be able to use available information to advise you on what you may be eligible to claim as a deduction.
Help is available!
Tax returns can be stressful and complex, but they don’t need to be. With Whitson Dawson, you’ll receive expert help and advice to sort out your return and ensure you get the best possible refund. We work with many valued clients throughout Mackay, specialising in small to medium business services.
We pride ourselves on our commitment to great customer service, to a strong work ethic, and to honest and realistic advice for all our clients. Don’t wait to lodge your tax return. Contact our friendly team today on (07) 4957 2985 to learn more about what we do or to book a consultation.