When is the tax return deadline and what to do if it has passed blog image

When is the tax return deadline and what to do if it has passed

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The tax return deadline is 31 of October 2018. Depending on when you’ve read this article, you may still have a bit of time left or the deadline has already passed. Here’s what you can do if you missed the deadline.

Lodge your tax return through a Chan & Naylor business tax accountant

Should you miss the October 31 deadline, you should contact a Chan & Naylor business tax accountant so we can lodge your return on your behalf.

If you are expecting a refund, you won’t be penalised for late lodgment. Therefore, we encourage you to lodge your tax return soon so you won’t delay any tax refunds that you are entitled to.

However, if you do owe the tax office money and the October 31 deadline has passed, there may be a late lodgment fee. According to the ATO, the penalty for failing to lodge on time is $210 for every 28 days that your return is overdue, up to a maximum of $1,050.

Who should lodge a tax return?

Generally, an Australian resident who is over 18 years old and has earned more than $18,200 in the previous financial year will need to lodge a tax return.

Also, foreign residents who’ve carried on a business or had taxes deducted from their wages or other income during the financial year will need to lodge a return.

However, there are some cases when you won’t have to lodge a return. Some examples are:

  • Where you are a foreign resident and your only income in Australia was dividends, interest, or royalties
  • Where you  are a 417 or 462 visa holder on a working holiday and your assessable income for the year is less than $37,001

It is best to seek a professional Chan & Naylor tax agent to know exactly what you’re entitled to and to know your best options for your specific situation. Contact your nearest Chan & Naylor tax accountant here.

 

Aside from tax returns, have a look at our other accounting and advisory services that we do to help you achieve greater success.

If you liked our “When is the tax return deadline and what to do if it has passed” post, subscribe to our newsletter and stay in touch with us on Facebook, Instagram, and Twitter.

Chan & Naylor Group has nationwide offices in North Sydney, South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia that can assist you with your tax return deadline as well as any other business or personal tax enquiry that you may have. Contact us today.
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Disclaimer

Source: abc.net.au

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