Yesterday was the last day self-preparers could get their 2017/18 tax lodgement in before the October 31 tax deadline. Here is what you should know if you missed the cut off:
What Should I Do Now?
If you missed out get in touch with us today and we can help you complete your tax return, we can also liaise with the ATO on your behalf.
If you haven’t lodged this year (or any previous years’ tax returns) the sooner you get it in, the better. The longer you leave it, the more in potential penalties you may have to pay.
If you have not lodged a tax return for a few years or you have a tax return outstanding or overdue, no matter the reason, getting up to date now is better than waiting.
If you don’t lodge or pay tax amounts you currently owe you can be charged interest on unpaid amounts. Unfortunately, there is no getting out of paying your taxes. The ATO can also withhold any future refunds to offset the amount you owe.
Are There Late Payment Fees?
Potentially yes, the ATO can charge a “failure to lodge” fee. The penalty is calculated depending on how long the lodgement remains overdue, starting at $210 for lodgements between 1 and 28 days late.
Even if you don’t have all your documentation handy right now it’s better to get started – contact us today and we can get the ball rolling for you and help you understand which information you need to collect.
Think You Have a Debt to Pay?
Even if you think you have a debt to pay and you’re holding off lodging your return – it’s important that you lodge sooner rather than later as more penalties will accrue over time.
The ATO provides a range of payment options, and they also offer tailored payment plans.
You can find out more about the ATO’s payment plans here.
You can set up a payment plan yourself online via your MyGov login, or you can use a registered tax agent.