The government of Australia expects everyone who earns money to lodge a tax return annually. For most people, this is a stressful experience and most people end up missing deadlines. Tax returns affect businesses as well and there is a deadline set by the ATO. If you have a company in Australia, you need to take note of October 31, as this is the deadline for filing tax returns. This deadline applies for individuals, partnerships and those with trust incomes. In the event that the date falls on a public holiday or a weekend, it is moved to the following business day.
There are instances where one may need an extension of the deadline. In the event that you need an extension, you should make an effort to contact the ATO before the due date. If you are lucky to be granted the requested extension, you will not be penalized for late lodgment. The October 31 deadline is for the previous financial years, which ends on June 30th. At Accurate Business & Accounting Services, we will make it easier and faster for you to file your returns, and on time. We have a great team of experienced and registered tax agents to help with the process.
Use a Tax Agent for Extended Deadline
Extended date of companies for tax returns through tax agent as 15 May for most companies but may be current for some. Hence speak to the Tax agent to check the extended date for your company.
Companies in Australia have a lot to deal with to keep the business afloat. As such, you may not have the time to complete the tax returns before the given tax date. The best option is to hire a tax agent to lodge the tax return. These are professional experts who ensure that the tax return is submitted on time. However, if there are circumstances that force you to lodge the tax returns late, you can get an extended deadline when using an accountant or tax agent. The deadline extension varies, depending on the specific circumstances.
You should note that you can only enjoy the tax deadline extension when you hire an accountant or tax agent before the October 31 deadline. If you have outstanding tax returns, you will not be eligible for an extension. Every business owner needs to take note of all the critical tax deadlines so as to ensure a smooth flow of business operations in Australia. Hiring an accountant is the best way to keep up with these dates and never miss a deadline.
Consequences of Missing the Tax Return Deadline
There are a number of reasons why you may miss the tax return deadline and this comes with unpleasant consequences. Ideally, you will be liable for a late lodgment penalty of $180 for the first 28 days and this keeps increasing by $180 after every 28 days, to a maximum penalty of $900. Failure to meet the obligation in due time may lead to extreme measures including prosecution.
However, you can be exempted from the late lodgment penalty when you contact the ATO with a verifiable reason for missing the deadline. Sadly, if you have outstanding tax obligations from previous years, you cannot have the penalties waived. It is best to ensure that the tax return is lodged on time so as to avoid such complications.
Lodge Tax Returns on Time
Accurate Business & Accounting Services has an amazing team of tax experts. We are experienced and will ensure that your tax return is lodged on time and accurately. Our accountants will help you keep up with the ATO dates and as such, you will have nothing to dread, come to the end of a financial year. Contact us to get more information and to get professional tax services.