News
31 October deadline for those lodging their own tax return
The clock is ticking if you have not yet lodged your own tax return. We explain why using a tax agent gives you more time.
The government’s low and middle-income tax offset, which provides a tax cut of up to $1,500 when a tax return is lodged, has already nudged millions of people to lodge their 2022 tax return already. If you’re not one of them, you only have a short time to go before the deadline of 31 October 2022.
Late lodgement
Lodging after this date means you run the risk of incurring an immediate late lodgement penalty of $222. This increases by a further $222 for each successive 28-day period that the return remains outstanding, up to a maximum of $1110.
If you still fail to lodge once the maximum penalty is reached, the ATO can issue you with a default assessment of what they think you owe.
Benefits of using a tax agent
Using a tax agent means you may be able to lodge beyond the deadline without penalty.
The ATO gives tax agents concessional extended deadlines, which means that they can lodge returns on behalf of clients up to 15 May 2023 without incurring any penalty.
The vast majority of taxpayers and small business owners use a tax agent. This way, you can receive personal advice and ensure that you claim for all of the deductions that you are entitled to.
If you think you are going to miss the deadline, then contact us as soon as possible, as you must be registered with an agent by 31 October in order to benefit from the extended deadline.
Not lodged for previous years?
It’s important to know that you can’t take advantage of the extended tax agent deadlines if you have previous years’ returns outstanding.
If you find yourself in this situation, and you have information missing, don’t worry, we can help. We can draw on information already held by the ATO as well as provide advice specific to your situation. Millions of dollars go unclaimed each year because people are unaware of what they can claim deductions for. Make sure you’re not one of them!
Contact us
If you need help with your taxes, contact TaxAssist Accountants today. Call 02 9608 3707 or make an enquiry here.
Date published 22 Oct 2022 | Last updated 22 Oct 2022
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