Want an unexpected fine from the ATO?
We didn’t think so.
There are now only 3 weeks left to lodge a 2021 tax return before the ATO can start issuing some nasty penalties.
The ATO wants you to do the right thing. So, by not lodging your pay tax return on time, you may receive automated ‘failure to lodge on time’ penalties of up to $1,100 for the 2020 tax year.
According to the ATO, such fines won’t be remitted (waived) even if the return results in a refund or nil result and unlike our tax preparation fees, these dues aren’t tax-deductible in the slightest.
Check out these escalating fines! (More than doubled in a few years)
Tax Year / Fine
2020 / $1,110
2019-20 / $1,050
2016-17 / $900
2013-15 / $850
2012 / $550
Remember, for most of us working folk, it is a legal requirement to lodge a tax return every year. If you are not sure always ask us or risk a fine. Time for action. Yes maybe.
Call 1300 TAX SHOP book in directly here to get your tax up to speed and avoid a fine.
Stephen is the CEO of Accountants Direct and is a Professional Director, ASIC Agent, Startup Advisor & Investor & Capital Raising Specialist.
Contact Stephen or his team if you have any questions about this post or any business matter in general.
