It’s that time of year again—tax time! If you’re like most people, you’re probably scrambling to get your taxes done before the deadline. But what happens if you can’t get it all done on time?
If you’re facing a situation where you need to file a late tax return, don’t panic. Here’s what you need to know about how to do it, download our tax solution and tax preparation app today.
Tax Return Due Dates in Australia: What are They?
The tax return due date in Australia is October 31st for small businesses. This is the deadline by which you must have filed your tax return, either online or by post.
If you’re unable to file your tax return by the due date, you may be able to apply for an extension. This special permission from the Australian Taxation Office (ATO) allows you to file your tax return after the due date.
What Happens When You Delay Lodgment or Payment of Taxes
If you’re late in filing your taxes, you may be charged a penalty by the ATO. The fine is one penalty unit for each period of 28 days or a fraction thereof. You’ll also accrue interest on the amount you owe, starting from the date the payment was due.
If you cannot pay your taxes on the due date, you should contact the ATO about a defaulted tax payment arrangement. You can reach out to the ATO directly to request an extension to the due date for tax returns by calling them at 13-28-66.
How to Avoid Late Tax Returns
There are a few ways you can avoid being late in filing your taxes.
- Keep good records. Keeping good records throughout the year will make filing your taxes on time easier. This includes keeping track of your income and expenses and any deductions you’re entitled to.
- File electronically. Filing your taxes electronically is the quickest and easiest way to file. You can do this through the ATO’s myTax portal.
- Set up a payment plan. You can set up a payment plan with the ATO if you can’t pay your taxes in full. This will help you avoid interest and penalties on the amount you owe.
- Apply for an extension. If you can’t file your taxes on time, you can apply for an extension from the ATO. This will give you more time to get your tax return in order.
- Get help. If you’re having trouble preparing your taxes, you can get help from a tax agent. They can help you ensure you’re taking advantage of all the deductions you’re entitled to and that your return is filed correctly and on time.
Where to Get Help With Taxes
If you need help with your taxes, there are several places you can go for help. The ATO has a number of resources to help you understand your taxes and meet your tax obligations.
You can also get help from a tax agent or accountant. They can take a weight off your shoulders and make sure you’re meeting your tax obligations accurately and punctually.
If you are an Australian citizen or resident for tax purposes and have failed to file a tax return, taking action as soon as possible is essential to avoid hefty penalties. Even if you have missed the deadline, the sooner you take action, the better, as the penalties will only increase the longer you wait!
The good news is that the deadline for tax agents is a lot longer, and TaxLeopard offers excellent tax solutions for the self-employed. Get rid of that shoe box filled with receipts and download our tax solution and tax preparation accounting app today.