The clock is ticking! The 31 October tax deadline is approaching fast!
If you plan to lodge your tax return yourself, you need to be aware that the deadline for lodging your return is fast approaching!
31 October is the latest date for self-lodgers to get their tax returns in to the ATO. Lodge after that and you run the risk of incurring a late lodgment penalty.
Taxpayers who use a tax agent like H&R Block can often lodge well beyond that deadline without penalty. Tax agents are given concessional extended deadlines which mean that they can lodge returns on behalf of clients up to 15 May without incurring any penalty.
If you are concerned that you can’t meet the 31 October deadline, you should now be giving serious thought to visiting a tax agent like H&R Block. You MUST be registered with the agent by 31 October in order to benefit from the extended deadline.
Self-lodgers who fail to lodge by 31 October could be hit with an immediate late lodgement penalty of $210, increasing by a further $210 for each successive 28 day period that the return remains outstanding, up to a maximum of $1050.
With only a month left to go, many taxpayers will be starting to feel the pressure and should really be considering using a tax agent, particularly if they’ve been deterred from completing their return so far by the complexity of the task.
Not lodged your return yet?
The bad news is that if you have a return outstanding from an earlier year, like 2018, you can’t take advantage of the extended tax agent deadlines for your next return, even if you use a tax agent.
So, you MUST lodge this year’s return by 31 October in order to avoid a late-lodgement penalty.
And, whilst you’re about it, it makes sense to get any prior year returns done too. Don’t worry if you’re missing information about your income and/or deductions for those earlier years. Your tax agent will typically be able to help by drawing on information already held by the ATO and advising you on what deductions you can claim.
Book a tax return appointment
Let us lodge your tax return for you. Our tax accountants have the knowledge to walk you through the tax refund process with ease. We are committed to offering expert and personal service year-round at a location convenient to you.