Lodging your tax return
The thought of lodging a tax return can be quite daunting to those unfamiliar with the process. Here at Tax Return, we strive to streamline your tax time experience to simplify it as much as possible. Tax Season is between 1st July – 31st October, although, if you register with us, we can extend the deadline for you!
Ask our friendly team how we can help you this tax season!
Each individual’s situation will be different, mostly dependant on income. You WILL need to lodge a return if you had an income of over $18200 and had tax withheld from your employer. If your annual income was less than $18200 and you did not have any tax withheld, you may not have to lodge a return. Although, it is in your best interest to lodge a Return Not Necessary (RNN) to declare your income to the ATO. Even though there would be no deductions or expenses claimed for earning under $18200, The ATO will note that you have lodged a return and not just forgotten.
If you do not lodge the past financial years’ return OR register with a tax agent by October 31st, you will be subject to a Failure To Lodge (FTL) penalty.
The failure to lodge penalty starts at $210 and can go all the way up to $1050. This penalty is applied to your ATO personal account and can also accrue interest.
Lodging through a registered tax agent will give you the peace of mind that your taxes are being taken care of by a professional. We can maximise your return by using our knowledge to ensure all deductions and expenses are recognised and utilised. By using a registered tax agent, you also have access to special extended deadlines for lodging your return. Instead of the usual deadline of October 31st, you may have up to May 15th of the next year. Tax agents may also apply for remittance of previous penalties on your behalf.
Of course! Previous years returns will need to be lodged regardless. It is better to get in sooner rather than later to sort out your overdue returns before the ATO catch on and take any action against you.
If you forgot to include a PAYG summary, a receipt or something similar, you can always make an amendment on your lodged return. It is never to late to report anything to the ATO.