The target date to lodge your income tax return with the Australian Taxation Office (ATO) for the 2024 fiscal year is simply days away. But there is a technicality you can utilize to obtain an “automatic extension” and stay clear of being penalized a penalty.
The last day Aussies can lodge their income tax return themselves and stay clear of sustaining a $313 late penalty is Thursday, October 31. If you are stressed over satisfying the target date, you might have the ability to obtain an expansion by lodging via a tax obligation representative.
Tax Invest Accounting supervisor and signed up tax obligation representative Belinda Raso informed Yahoo Finance that Aussies that do this might be qualified 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 stated.
Raso stated not everybody would certainly be qualified for the expansion and you’ll require to have actually lodged your income 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 stated.
Raso advised individuals “double-check” with their tax obligation representative the expansion still puts on them.
Around 70 percent of taxpayers utilize a tax obligation representative to finish their income tax return, a number that climbs to greater than 95 percent for small company proprietors.
Aussies can assert a tax obligation reduction on their tax obligation representative charges.
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You can encounter a $313 penalty if you stop working to lodge your income tax return by the due day.
This great rises every 28 days your income tax return is past due and can increase an optimum of 5 times to $1,565.
The ATO normally just punishes taxpayers that obtain a tax obligation financial obligation, Raso stated, and will not discover those that are obtaining a reimbursement. However, she advised taxpayers not to “tempt fate”.
On Thursday, the ATO disclosed greater than 1.5 million Aussies that typically self-lodged still required to act.
“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 said.
“In fact, we’ve had over 1 million lodgments so far this month alone.”
