Life can get in the way of a lot of important things from time to time and your Tax Return is no exception. Sometimes you might forget, are too busy or simply don’t know how to do your Tax Return and before you know it you’ve missed the Tax Return date.
Don’t worry, you’re not alone.
Lots of people submit their Tax Return after the ATO Tax Return due dates, and it’s not the end of the world. However, if it has gone past the ATO lodgement date, you’ll want to try and submit your Tax Return as soon as possible.
In this article, we will discuss how to lodge your overdue Tax Return, as well as the surrounding information you should know.
Let’s start with the deadline.
When is the Tax Return deadline?
The date you have to lodge your Tax Return depends on two factors:
- If you lodge your Tax Return privately, the last day to lodge Tax Return is the 31st of October
- If you use an online tax service to make doing your tax easier, you only have to register between the 1st of July, and 31st of October, and they can submit the return later in the year
The length of your extension from using a tax professional will depend on your individual circumstances, and in some cases you won’t have to lodge the return until the 15th of May the following year. The best thing to do if you want to know when you have to submit the return is to speak to a registered tax agent on an online support service.
What penalties are you liable to if you miss the deadline?
Unless in special circumstances, if you miss the Tax Return last date you will need to pay a fine. The ATO late lodgement penalty for individuals includes:
- 1-28 days late: $210
- 29-56 days late: $420
- 57-84 days late: $630
- 85-112 days late: $840
- More than 112 days late: $1,050
What are some common reasons why people miss the Tax Return deadline
- You might have been overseas and didn’t submit your return in Australia
- You didn’t realise you needed to do it, or you forgot
- You did not know the due date
- You were worried about a tax debt you couldn’t afford
- You were suffering from illness
- You were a victim of natural disaster
- You failed to lodge because of a breakdown of relationship
How to lodge your late Tax Return if you have missed Australian tax deadlines
Just because it has passed the Australian Tax Return deadline doesn’t mean that you shouldn’t submit your Tax Return at all. In fact, if you have missed the deadline that is just more reason to submit it as soon as possible.
If you need to submit a late Tax Return, there are two things you can do:
- Submit using the ATO portal on the myGov website, and follow the prompts
- Use an online tax platform where your details are pre-saved and pre-filled which allows you to fill in your Tax Return as fast as possible
By using a popular online tax platform, you are giving your late Tax Return the best chance for success with online support and professional accountants available to answer your questions.
Can you still submit a late Tax Return without receipts?
Are you a little worried that you might not have kept all of your receipts throughout this tax year? Don’t be! We’re here to help.
Whether you’re submitting your Tax Return late, or on time, either way it’ll be a big help if you can gather as many receipts as you can.
Now, we won’t beat around the bush and tell you that you don’t need any receipts, because the fact is the more receipts you have for your tax deductions the better.
However, if you’ve misplaced a few of them, that’s not a problem. All you need to do is log into your One Click Life account and chat with one of our tax professionals.
Together, we can work out what you can and can’t claim on your late Tax Return, and we can advise you on how long you need to hold onto your receipts for.
I just got a Notice of Assessment – What do I do now?
Did you just get your notice of assessment and you have no clue what you’re supposed to do with it? Sit back and relax, because your notice of assessment isn’t a bad thing.
If you’ve submitted your Tax Return late, your notice of assessment will be no different than any other, and it will outline one of two things:
- When you are going to get your refund from the ATO, or;
- The due date for when you need to pay the ATO
Depending on if you lodge your Tax Return by yourself or with One Click Life, the ATO will handle your Notice of Assessment differently.
If you’re going to get a refund from the ATO then there’s nothing more that you need to do other than sit back and wait for the money to hit your account.
However, if you need to pay more tax to the ATO as outlined in your Notice of Assessment, lodging your Tax Return with One Click Life will extend your due date until as late as May the following year without additional fees. So if you’re going to lodge a late Tax Return late and need as long as possible to pay the ATO, lodge with One Click Life.
Lodge your Tax Return on time with One Click Life
If you have not submitted your Tax Return and it is past the due date, keep calm, and focus on your next move.
First thing is first, if your Tax Return is already late you should quickly log into your One Click Life account and get started. With us, your Tax Return will be done in no time at all thanks to all of your details being automatically saved and filled out by our system.
You can also claim your tax agent/Tax Return fee back on tax, so why wouldn’t you use One Click Life to minimise your tax and maximise your money?
One Click Life offers online Tax Returns at your fingertips in an easy-to-use platform run by industry professionals.
Taxes, health insurance, and wills can be time-consuming and tedious. Our app allows you to be able to do this fuss-free, giving you a simple way to organise, track and manage all of your life admin in one place.
Once you lodge your Tax Return, one of our tax pros will double check it for you so you can have the peace of mind its being sent to the ATO without mistakes.
Let One Click Life take care of your Tax Return and life’s essential tasks, so you can spend more time doing the things you love.