When is the tax return deadline in Australia?
The key date you need to know for the tax return deadline is October 31.
This date applies if you’re lodging your tax return yourself for the financial year just ended (July 1 – June 30).
When is the tax agent or accountant tax return deadline?
If you lodge your tax return through an accountant or a tax agent such as Verve Group, then you’ll be eligible for an extended deadline that can be as late as 15 May. This deadline is dependent on individual circumstances, so it’s best to check with your tax agent or accountant. For example, if you have outstanding tax returns from previous years, it’s unlikely you’ll be eligible for this extension.
If you’re planning on using Verve Group for the first time, you should get in touch with us prior to the October 31 deadline so that you’re registered with us and can be eligible for the extended deadline.
What happens if I miss the tax return deadline?
Of course, there may be circumstances when you miss the tax return deadline. Sickness, natural disasters, being overseas, or you’ve simply forgotten. We get it, life happens. However, the ATO might not be so forgiving. They may apply a Failure to lodge (FTL) on time penalty, so it’s best to lodge your tax return on time. Read about FTL penalty amounts here.
If you do receive a penalty, it may be possible to have it remitted or minimised if there are extenuating circumstances. Keep any doctor’s certificates or documentation that explains your reasons for not meeting the deadline. Verve Group can help you with this process.
The ATO will usually not charge a penalty for a missed deadline* unless:
You are expected to have an amount owing to the ATO in the tax return you’ve not yet lodged
You have existing outstanding payments to the ATO
You have a track-record of not meeting ATO deadlines. The ATO will look more favourably upon your situation if you have always met deadlines in the past.
*This is however based on individual circumstances and we cannot guarantee the ATO will not charge you a penalty, so please note it’s better to be safe than sorry and lodge on time.
Reasons to put off lodging your tax return (and why it’s a bad idea!)
If you are in the situation where you’ve missed the deadline, it’s best to get in touch with Verve Group as soon as possible to avoid any further penalties. There are a few reasons that people continue to put off lodging their tax returns – but it’s always a bad idea to prolong the inevitable:
I don’t have the money to pay off any debts right now
If you’re worried about not being able to pay off any debts you think you may have incurred, Verve Group can help you to negotiate a manageable payment plan with the ATO. The longer you wait, the more chances of ATO fines and interest charges. Even if you can only afford a small repayment per week, it is far better to start chipping away at the debt now rather than ignoring the problem and letting interest build up.
I can’t find my payment summary / my employer didn’t give me one
When you provide us with your tax file number (TFN) and personal details we can pull your tax records including payment summaries, interest income earned from your bank account, and government income such as Centrelink payments. If we’re unable to source the missing employment income information, just ask your employer to send you a copy of your payment summary.
TOP TIP: If your employer is using Single Touch Payroll (STP), they don’t have to give you an end-of-year payment summary, as this payment summary - which is now called an Income Statement - will be available through your MyGov account.
If a workplace isn’t using STP to report yet, employees should receive a summary of employee income. This is called a payment summary, pay as you go (PAYG) payment summary or a ‘group certificate’.
Don’t worry, if you have an outstanding tax return or multiple years to lodge, Verve Group are here to help you get back on track with ease. Our friendly and precise tax accountants will get your tax returns lodged and ensure you get the maximum tax refund return possible!