Tax Return Deadline

Those tax payers who have put-off lodging their tax return or maybe just forgotten about it until now, have until tomorrow, October 31 to lodge for the 2018 financial year.

If you don’t think you’ll have enough time, you can lodge an application after that date to use a Registered Tax Agent like Holzworth Partners.

What happens if I miss the deadline?
Even if the deadline has passed, the ATO does not shut off its systems. You can still lodge your tax return after the October 31 deadline by contacting us. Failing to make arrangements could result in penalties. The Penalty for failing to lodge is $210 for every 28 days that your return is overdue, up to a maximum of $1,050.

If you don’t think you’ve earned enough, do you need to lodge an income tax return?
If you’ve earned more than $18,200 in the previous financial year, then you need to lodge a return.

You’ll also need to lodge a return if you’re a foreign resident and earned more than $1, if you had taxes deducted from any of your wages during the financial year, or if you carried on a business.

Your overdue tax return is never “too late” (and no, the ATO never forgets about an un-lodged return)
If you have a late tax return, the sooner you do it, the better! The ATO is very clear about this: You must lodge a tax return for every year that you received assessable income.

If you missed one year’s tax return, the ATO will never forget about it.

Un-lodged late tax returns = the ATO takes even more of your money.

To resolve all your taxation concerns, contact Holzworth Partners on accounting@holzworth.com.au or ph 1300 009 888

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