News
Deadline fast approaching for Business Tax Returns
Still not submitted your tax return? Speak to TaxAssist Accountants ahead of the May 15 deadline
When is the tax return deadline?
The 2021/2 tax return was due on 31 October 2022 if you’re lodging yourself. However, the rules are slightly different if you lodge with a registered tax agent such as TaxAssist Accountants.
While the deadline for lodging through a tax agent varies depending on your personal circumstances, you potentially have until May 15 2023 to lodge your return – an extension of more than six months when compared to the normal deadline.
Tax agents have a special facility with the ATO that allows them to lodge a return on your behalf after the October 31 deadline. You do usually need to be registered with a tax agent by October 31 to take advantage of this deadline, but if you’ve missed the deadline, don’t worry – make an appointment to lodge your return anyway as it’s better to get that tax return lodged sooner rather than later!
Different rules apply if you lodge through a tax agent and you have tax payable of $20,000 or more in the previous financial year. In this scenario the deadline moves forward to March 31 2023.
What happens if I miss the deadline?
Don't worry, if you register with a tax agent they can help you complete this year’s tax return as well as any other years you might have missed.
The cost of using a tax agent is completely tax deductible regardless of when you lodge your return.
If you have one or more unlodged tax returns from earlier years, you will be ineligible for the extended tax deadline and will need to submit your returns (this year’s return and the outstanding earlier returns) by October 31.
What penalties apply if you miss the tax return deadline?
If you fail to lodge a return or statement with the ATO on time, you may need to pay a failure to lodge penalty.
This amounts to $222 for the first 28 days after the lodgement date and increases by a further $222 after each subsequent 28-day period, up to a maximum of $1,110 – so it makes sense to get that return lodged asap!
How we can help
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs?
Call us on 02 9608 3707 or make an enquiry here and we’ll put you in contact with your local TaxAssist Accountant.
Date published 4 Mar 2023 | Last updated 4 Mar 2023
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