The October 31st deadline for lodging Individual Tax Returns is fast approaching – but don’t panic!
Let’s cover what you need to do to ensure you don’t miss the individual tax deadline or receive an ATO penalty.
To lodge your 2017 tax return, follow these easy steps:
- Find your 2016-2017 PAYG summaries, issued by your employer.
- Gather your receipts for work-related purchases and any other deductible expenses from the past financial year.
- Register or Login at Etax.com.au and begin your 2017 tax return.
- Fill out as many details as possible – it doesn’t have to be perfect! Our accountants review your return twice before it’s lodged with the ATO.
- When you’re done, simply pay your fee (or choose our ‘fee from refund’ option) and electronically sign your return.
Your Etax tax return really is that easy!
After you sign your return our accountants get to work! A primary and secondary review of your return is quickly but thoroughly undertaken. This checks for accuracy, entries that may cause questions from the ATO and possible deductions you may have missed. Your accountants answer any questions you send us, via secure message or in the ‘any other questions’ section at the bottom of your return. If they have any further questions or do find further deductions, they get in touch. Once any amendments are complete, your tax return is quickly lodged with the ATO.
Penalties for late lodgement
Did you know that the ATO can impose hefty fines if you lodge your tax return after the 31 October individual tax deadline? The table below summarises the penalties that can be imposed by the ATO:
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At Etax Accountants we don’t want to see anyone end up with a financial penalty from the ATO for missing the deadline. We strongly recommend doing your 2017 tax return before 31 October.
If you have already appointed a tax agent like Etax.com.au, you may also receive a deadline extension. This allows you to lodge after the 31 October individual tax deadline. However, this is at the ATO’s discretion and may be denied if the ATO finds you have previous years’ outstanding or other issues. It also does not apply if the ATO doesn’t see that you’ve appointed a tax agent prior to the tax deadline. Please feel free to talk with us about whether you’re entitled to a lodgement extension.
Click here to get started now and if you have any queries about your return, don’t hesitate to email the team on [email protected] or call us on 1300 693 829; our accountants are always happy to help!
Not sure what tax deductions you can claim? Watch our short video on work related deductions: