Money Doesn’t Come Without Guidance ...
People of Australia need to lodge a tax return from 1st July - 31st October for the 2014-2015 financial years. Retirees, teenagers and non-citizens all have to lodge tax returns if they meet certain criteria. If you had a taxable income, either from working, investments or dividends that totalled more than the tax-free threshold ($18,200), then you are required to lodge a return. There are further exceptions, but as a general rule, if you earned more than $18,200 in the 2014-2015 financial years, then you need to lodge a tax return.
Registered tax agent like TaxShark (taxshark.com.au) will help you to lodge tax returns in a proper and timely manner. TaxShark is Australia's leading tax accountants, offering expert advice for income tax returns, refunds and more.
When Is Everything Due?
Due dates for returns are dependent on a number of factors. If you’re taking care of your tax yourself—filing a paper return through the ATO, you must have your return lodged by October 31, otherwise, your return will be considered late.
The ATO has the option of applying a ‘failure to lodge on time penalty’ if you fail to lodge within due time. You are more likely to receive this penalty if you have numerous overdue returns or you have attracted tax penalties in the past. The penalty is worked out in 28-day units, so for every 28-day period that your tax return is overdue, the penalty is $170. The maximum that you can be fined for an overdue return is $850. However, as long as you don’t have a poor history and you comply with all requests to lodge overdue returns, it’s unlikely you will attract a penalty.
What happens if I have Overdue Tax Returns?
The important thing to remember about lodging overdue returns is that each tax year has special instructions and regulations. The taxation rules that were applicable at the time the return was due must still be adhered to. So, if you have a return from 2010 outstanding, then you need to consult the specific instructions and rules that were applicable for that financial year.
If you make the choice to lodge your tax through TaxShark, you can use our easy, ATO-approved software to lodge all your outstanding returns online without having to leave the house.
Will Overdue Tax Returns Affect My 2015 Return?
You can only lodge your 2015 return after you have lodged all other outstanding returns. This means that the due date of your 2015 return will be altered by the outcome of your outstanding returns. For example, if you lodge your 2014 return and you owe the ATO more than $20,000, the due date for your 2015 return will be brought forward.
Some people rely on their tax return to book an end of year holiday, pay off a personal loan or put away for Christmas presents. It is important you lodge by 31 October or contact a registered tax agent like TaxShark to do it for you. Even if you dodge the financial penalty, filing one tax return is far easier and less time consuming than having to lodge multiple returns.
Get in contact with taxshark.com.au and the whole process will be a breeze. You don’t have to leave your house, and you will be conducting everything through a registered tax agent