Late Tax Returns - What’s the worst that could happen?

FAQ: Will the ATO fine me if I lodge a late return?  Short answer is yes. The ATO will issue you a Failure To Lodge (FTL) penalty if your tax return isn't lodged by the due date. This fine will likely be a minimum of $222 and a maximum of $1,110 for an individual depending on how long overdue the lodgement is. However, the ATO can remit the penalty where it is “fair and reasonable to do so”, such as in the event of serious illness or natural disaster.  Although you may be penalised for a late return, it is possible that (with the help of ITP Qld), your returns and deductions may cover some if not all of the expense. The main thing to remember is, no matter how long it has been, the sooner you face the music, the better the outcome will be!  Not sure where to start? Speaking with one of our team members at ITP is a great place to start. With your authorisation, we can check your lodgement status with the ATO, ascertaining which years are currently outstanding if you are unsure. You can also take advantage of our Zero Upfront fee structure. Available for all salary and wage returns for individuals. Conditions apply. If you want to have your tax return prepared by a professional and secure your guaranteed maximum refund, book an appointment or call 1300 555 773 to learn more about how the professionals at ITP Qld can help you.