Missed the Tax Return Deadline? Here’s What to Do
The tax return deadline for the current financial year has come and gone. Ideally, you lodged your return by 31 October and can now enjoy some well-earned peace of mind. But if you didn’t, don’t panic just yet! There’s still time to take action.
There are two situations to consider:
If You Registered with a Tax Agent by 31 October
Great news! If you’re registered with a tax agent, like Number Solutions, you may not need to worry about the 31 October deadline.
Tax agents have special agreements with the ATO, giving them the flexibility to lodge returns well beyond the standard deadline. As long as your previous tax returns are all up to date, you might have until 15 May next year to get your return lodged.
However, keep in mind that not everyone has the same extended deadline. It’s always a good idea to check with your tax agent to confirm your specific lodgement date.
But remember, this only applies if you were registered with your agent before the October cut-off. If you missed registering, you’re in the next category:
If You Didn’t Register with a Tax Agent
If you weren’t registered with a tax agent by 31 October, your return was due on that date. Missing this means you could face a late lodgement penalty.
The penalty starts at $313 for being late by up to 28 days and increases the longer you wait. While it’s not ideal, there’s no need to stress—acting quickly can help reduce the damage.
What Should You Do Now?
The most important thing is to lodge your tax return as soon as possible. The ATO often considers good compliance history when deciding whether to waive penalties. If you’ve generally been on time in the past, there’s a good chance they might reduce or even cancel the penalty—especially if you can explain your late lodgement.
The key here is speed. The closer your lodgement is to the deadline, the better your chances of minimising penalties.
How Can Number Solutions Help?
At Number Solutions, we understand tax can feel overwhelming, especially when you’re late. Our team of experts can make the process as stress-free as possible. We’ll help prepare your tax return efficiently and advise you on how to handle potential penalties.
So, don’t delay—getting professional help is one of the easiest ways to move forward and minimise stress.
A Final Note
It’s always best to meet deadlines, but life happens, and sometimes things slip through the cracks. The important thing is to act quickly, stay calm, and seek advice if you need it.
After all, the ATO wants your tax return, not your soul!
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