Just a quick reminder that if you have not done your tax yet the absolute deadline is May 14 this year.

Are there penalties for late returns?

The ATO may apply a “failure to lodge on time penalty” which is one penalty unit for each period of 28 days that each return is overdue, up to a maximum of five penalty units. The penalty is $222 for every 28-day period that the returns remain outstanding up to a maximum of $1,110.

The ATO is more likely to apply a penalty if you have more than one tax return outstanding, if you have a poor lodgement history, oryou have not complied with a request to lodge your tax return.

Over the past 10 years we have lodged thousands of overdue tax returns without any penalties. In some cases where penalties have applied, we have generally experienced success in applying for penalties to be remitted.

Click here to book for our over-the-phone or video service or contact your local Accountants Direct or Pop Up Tax Shop representative.

We can easily retrieve all of your details from the tax portal and our process in the most effective, best value and easiest around.

Get in touch with us today to get everything up to date!