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.
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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.
