31 October Lodgement Deadline

This time of year attracts a range of misunderstandings...Less than a week to lodge tax`return right ? Maybe but not always

1. If you self lodge the 31st October is the due date. Lodge after this date and you will be late. Penalties apply to late lodgement. BUT if you receive a refund then typically the ATO may not impose any penalty. But if they chase you first its not guaranteed.

2. If you want to lodge after 31 October and expect to owe money then a tax agent may be the way. This enables you to lodge later AND pay later. BUT ...You must be on the tax agent lodgement list before 31 October. YOU MUST DO THIS NOW.

3. If you have a 2017 late lodgement issue YOU CANNOT ACCESS ANY EXTENSION. 31 October is your due date. What does that mean ?

A.You lodged your 2017 tax after 30 June 2018. You cannot access a tax agent extension.
B. You havent lodged your 2017 OR EARLIER RETURNS. You cannot access a tax agent extension But concessions can be applied for.
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The exception for penalties applies to refund IF you lodge. If the ATO chase you they can still impose penalties

4. Want to pay your tax later..ie June 2019 ? After March 2019 ??? Then a tax agent is the way. BUT you must be on their lodgement list before 31 October. Time to act. Today.

5. Already with a tax agent ?? Then you are fine. You can use them OR use another tax agent and the extended lodgement and payment concession applies UNLESS you have arrears for the 2017 or earlier years.

6. Late to lodge ?? Health, death and other reasonable reasons to lodge late MAY enable a taxpayer to access a deferred lodgement. But its important to ask for it

Lodgement issues ??? Dont panic BUT act soon. A tax agent may actually be able to assist. The ATO like people with tax issues to lodge asap. They often are happy to conceded penalties for returns that are lodged. BUT late lodgers have a higher risk or review (audit). We doeal with problems daily and can help. But we an only help those who want to be helped. Call now not in 3 or 6 months.

 

Anyone who has been in business for a while or used a tax accountant for a while knows the october deadline is not an issue

 

Won't be asking them for anything if I'm dead whether they consider that a reasonable reason or not.

 

Seeing an accountant to do this on Nov 2nd have used them previously but not sure if I am on their lodgement list. Can I do this myself via the ATO? Or does the tax agent have to do it?

 

It might be a good idea to check with your account

 

Unless you have removed them then they should still be registered.

 

I think all australians should have the same payment date. Different lodgement dates i can understand but to give a significant financial advantage to those who choose to use an accountant just doesnt seem fair.

 

One should lodge the returns first to determine they owe or they get paid back. Different payments dates are followed by different lodgement dates also various other variables involved.

 

Imagine the logistics of processing tax returns for every Australian if they all lodged on the same day.

Now imagine processing those same returns except now they are staggered over 6 months.

Which makes more sense?

 

Lodgment date system could remain the same, but all Australian's were would have the same due date for payment. Why does someone get 9 months more than me to pay their tax bill?

 

Agree with this - I do my own tax as my affairs are simple, but don’t see why having a an agent should cause a delay.

 

I was always under the impression that the lodgement date was by 15th May. Is it really by 30th June meaning you have 1 year to lodge from the last financial year?

 

Incorrect. But often after 31may.