Tax time can be just as stressful as it is confusing. A lot of people put off their tax return because of both of these reasons, and before they know it they have missed the tax deadline in Australia.
If this is you, don’t worry, you’re not alone and it is very easy to fix.
Plenty of people miss the tax return due date each year. The thing that you need to do to separate yourself from the rest is make sure you know what the ATO tax lodgement date is so you don’t repeat the same mistake, and understand what must be done once you have missed the due date.
The best and first thing you should do is create an account with an online tax accountant to check how many outstanding tax returns you have. Once you have this information (which is free to obtain by the way!) you can easily lodge the overdue tax returns.
However, you should also read the information in this article so you can find an answer to some of your questions about Australian tax deadlines.
Common reasons people miss the tax return deadline
A lot of the time the ATO takes no notice of the reason for why you missed the tax due date. However, it might make you feel better to see some of the common reasons people around Australia miss the deadline:
- Might have been overseas and didn’t submit your return in Australia
- Didn’t realise you needed to do it, or you forgot
- Did not know the due date
- Were worried about a tax debt you couldn’t afford
- Were suffering from illness
- You were a victim of natural disaster
- You failed to lodge because of a breakdown of relationship
Who sets the tax return deadline?
The Australian Taxation Office (ATO) is the government department responsible for collecting your taxes, and they are responsible for setting your tax return due date. The ATO is the biggest revenue stream for the government, and is very important to Australia’s infrastructure and growth.
Say what you will about if the government uses the money for the best reasons, they definitely do need it to keep the ship afloat. The due date ensures the government gets the capital in a timely manner so it can be used in the new financial year.
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 a professional tax accountant, you only have to register with the tax accountant 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 an online tax agent.
What is the Notice of Assessment and when is it due?
The Notice of Assessment is the notice you receive from the ATO when they start processing your tax. It will tell you how much you are owed/owe based on your taxable income and your deductions. If you want to learn more about your taxable income and what you can deduct in your return, you can do so here.
The due date for the Notice of Assessment varies, and will be given to you once you submit your tax return. If you want to extend your Notice of Assessment you should use a tax agent. They can organise with the ATO on your behalf and the best thing is, the price is all wrapped up in the cost to lodge the tax return online.
What you should do if you miss the tax due date in Australia
If you miss the tax deadline and are yet to submit your tax return, you have two options:
- Lodge your tax return privately as soon as possible
- Register your lodgement with an online tax agent as soon as possible, its free to create an account which is the first step to avoiding late lodgement penalties
Whichever option you take, once you are passed the deadline, the sooner you act the better your outcome will be. However, we recommend that you use a professional tax agent to lodge your tax return once it is late because a tax accountant will minimise the amount of tax you pay, making the fines from a late tax return more palatable.
What penalties are you liable to if you miss the deadline?
Unless special circumstances apply, if you miss the tax return last date you will need to pay a fine. The penalty rates include:
- 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
Reduce your taxes and maximise your refund with One Click Life
If you have not submitted your tax return and it is past the due date, you should contact a One Click Life tax accountant.
The more you deduct, the less tax you pay and the more money you can spend on yourself. The sure-fire way to do that is with a tax agent or accountant. You can also claim your tax agent/tax return fee back on tax, so why wouldn’t you use one 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.
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.