ATO advised that you must have your return lodged by 31 October, but today is 4 November already, have you lodged your return yet?

SCENARIO 1: YOU WERE REGISTERED WITH ALLAN & CO – NOTHING TO WORRY

If you have been registered as a client of a tax agent (like Allan & Co) by 31 October, you don’t have to worry about the deadline, your agent will handle the tax return for you.

In fact, Allan & Co (and other tax agents) has special arrangements with ATO. Provided all prior tax returns of our clients are up to date, we have up until next year (depend on each client’s circumstance) to lodge their tax return.

SCENARIO 2: YOU WERE NOT REGISTERED WITH A TAX AGENT BY 31 OCTOBER

If you were not registered with a tax agent and are late for the deadline, you’d better lodge your tax return as soon as possible to minimise the penalties!

? For the first 28 days after the lodgement date, you have to pay a penalty of $222.
? For each subsequent 28 days, the amount increases by a further $222 and up to a maximum of $1,100.

Prosecution can apply in extreme circumstances!

SCENARIO 3: MINIMISE THE PENALTIES

If you’ve missed the deadline, contact Allan & Co right now. We will assess your penalty situation and help you prepare documents to minimise (or even eliminate) penalties depending on your circumstances.