For Income tax purposes, the Australian income year ends on 30 June. As an individual, you have from 1 July to 31 October to lodge your tax return for the previous income year. If you fail to have your tax return lodged on the ATO may impose penalties.
The penalty is $210 for every 28-day period or part thereof that the returns remain outstanding up to a maximum of $900:
- 1-28 Days = $210.
- 28-56 Days = $360.
- 57-84 Days = $540.
If you lodge your late tax return now and you don’t owe the ATO any money, usually they won’t charge any late penalties.However, tax agents have until the 15th of May to lodge an individual’s tax returns without the threat of penalty for the taxpayer.
To get your prior years tax returns lodged and to avoid any potential penalties, Head to our homepage and submit your details – it only takes a couple of minutes. A registered tax agent will prepare your tax return and make sure you claim all that you are legally allowed to claim.