The goal date to lodge your revenue tax return with the Australian Taxation Office (ATO) for the 2024 fiscal yr is solely days away. But there’s a technicality you possibly can make the most of to acquire an “automatic extension” and keep away from being penalized a penalty.
The final day Aussies can lodge their revenue tax return themselves and keep away from sustaining a $313 late penalty is Thursday, October 31. If you’re careworn over satisfying the goal date, you may need the flexibility to acquire an enlargement by lodging by way of a tax obligation consultant.
Tax Invest Accounting supervisor and signed up tax obligation consultant Belinda Raso knowledgeable Yahoo Finance that Aussies that do that could be certified for an “automatic extension” to May 15, 2025.
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“You’ll need to contact them and get on their books by the 31st of October. That’s just simply a phone call letting them know your details like your tax file number, date of birth,” Raso acknowledged.
Raso acknowledged not everyone will surely be certified for the enlargement and also you’ll require to have really lodged your revenue tax return on schedule in 2015.
“So even though you are on a tax agent’s list, if you didn’t lodge on time last year, so if you lodged after the 15th of May or if you did it yourself the previous year and lodged after that [31st of October] date,” she acknowledged.
Raso suggested people “double-check” with their tax obligation consultant the enlargement nonetheless places on them.
Around 70 p.c of taxpayers make the most of a tax obligation consultant to complete their revenue tax return, a quantity that climbs to higher than 95 p.c for small firm proprietors.
Aussies can assert a tax obligation discount on their tax obligation consultant fees.
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You can encounter a $313 penalty for those who cease working to lodge your revenue tax return by the due day.
This nice rises each 28 days your revenue tax return is overdue and might enhance an optimum of 5 occasions to $1,565.
The ATO usually simply punishes taxpayers that receive a tax obligation monetary obligation, Raso acknowledged, and won’t uncover these which are acquiring a reimbursement. However, she suggested taxpayers to not “tempt fate”.
On Thursday, the ATO disclosed higher than 1.5 million Aussies that sometimes self-lodged nonetheless required to behave.
“The ATO is receiving a spike of lodgments, with an average of almost 60 thousand individuals lodging each day in October as the deadline approaches,” ATO assistant commissioner Rob Thomson stated.
“In fact, we’ve had over 1 million lodgments so far this month alone.”
