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The deadline for lodging Individual Tax Returns is October 31st
Let’s cover what to do to ensure you don’t miss the individual tax deadline or risk an ATO penalty.
To avoid a last-minute rush and possible delays due to the volume of tax returns received by the ATO towards the deadline, it’s best to lodge your return as soon as possible. After all, that tax refund money could be sitting in your bank account, instead of the ATO’s!
Remember, the ATO are quick to charge you interest if you owe them money but they NEVER pay interest on money they owe you! So why wait?
To lodge your 2022 tax return before the deadline, follow these easy steps:
1. Get your receipts together
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.
2. Login to Etax
Login or register at etax.com.au and start your 2022 tax return. You don’t need your Income Statement, we collect all that information for you from the ATO.
3. Add your details
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 via My Messages, live chat or over the phone.
4. Sign your return
When you’re done, simply “sign” your Etax return electronically. That’s when our accountants really get to work.
Your Etax tax return really is that easy!
What’s next?
After you sign your return our accountants get to work!
1. First Check
We review your return to make sure everything is correct.
2. Accountant review
We then check for accuracy, entries that may cause questions from the ATO and possible deductions you may have missed.
3. Communication and updates
Your accountant answers 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.
4. ATO lodgement
Once any amendments are complete, your tax return is quickly lodged with the ATO.
What happens if you miss the tax return deadline?
Did you know 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 — $222
29 – 56 days — $444
57 – 84 days — $666
85 – 112 days — $888
113+ days — $1,110
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 2022 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. So don’t take this for granted.
Remember: A tax deadline extension is only available if you have already appointed a tax agent like Etax, prior to the 31 Oct tax deadline.
Do you have overdue tax returns from earlier years?
The ATO NEVER forgets about unlodged tax returns – however old they are. But don’t panic. You can get rid of that stress and just finish your old returns right now in a few minutes.
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:
