The October 31st deadline for lodging Individual Tax Returns is 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 2019 tax return, follow these easy steps:
- Find your 2018-2019 PAYG summaries or Income Statements, from your employer. (Can’t find one or didn’t get one? No problem – Etax will retrieve it for you)
- Gather your receipts for work-related purchases and any other deductible expenses from the past financial year. This will help Etax to boost your tax refund.
- Register or Login at Etax and begin your 2019 tax return.
- Fill out as many details as possible – but it doesn’t have to be perfect! Our accountants review your return before it’s lodged with the ATO. Plus, you can get help anytime on phone or live chat
- When you’re done, simply “sign” your Etax return. That’s when our accountants really get to work – they look for ways to improve your tax refund and make sure your tax return is lodged correctly.
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 penalties that can be imposed by the ATO.
Possible ATO penalties for late lodgement
Days Past Deadline — Late Lodgement Penalty
1 – 28 days — $210
29 – 56 days — $420
57 – 84 days — $630
85 – 112 days — $840
113+ days — $1,050
At Etax Accountants we don’t want to see anyone end up with an ATO penalty for missing the deadline. We strongly recommend doing your 2019 tax return before 31 October, and we’ll make it easy for you.
Tax Deadline Extensions
If you have already appointed a tax agent like Etax, you may get a deadline extension. This allows you to lodge after the 31 October individual tax deadline – often an extension will be until 15 May the next year. However, the ATO might refuse an extension if you have previous years’ outstanding tax returns, a history of late returns,or other issues.
Tax deadline extension is only available if you have already appointed a tax agent like Etax, prior to the 31 Oct tax deadline. Please feel free to talk with us about whether can get 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: