I’ve missed the tax deadline. What should I do now?

Most people need to lodge a tax return every year, however if you haven’t done so for a few years or have a tax return overdue, we can help you to get the information you need together to submit to the Australian Tax Office (ATO).

The deadline of October 31 is mostly applicable to people who lodge their own tax return, or have any returns outstanding for prior years, not existing clients of TaxAssist Accountants (or clients of other tax agents). Others would have deadlines based on their previous lodging records. We can apply for additional time to lodge an overdue return and the ATO will also consider delaying activities to secure lodgment on the overdue prior years’ returns.

Penalties

You may be penalised by the ATO who can apply a ‘failure to lodge on time penalty’. This is calculated at the rate of one penalty unit for each period of 28 days (or part thereof) that the return is overdue, up to a maximum of five penalty units. You will be sent a penalty notice stating the amount and due date of the penalty.

The ATO is more likely to do this if you have more than one tax return outstanding and you have not complied with a request from them to lodge your tax return.

Documentation

Here at TaxAssist Accountants we can help you to get the deductions which may be relevant to you. Some can be claimed without receipts, but do try to keep and gather all of your receipts, statements and information for our accountants.

Contact us today

Arrange a free initial consultation in-person or via video with us today. For a fixed fee, we’ll tailor your tax support to your circumstances, so that you only pay for the services you need. 

Date published 25 Nov 2021 | Last updated 9 Jul 2022

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.